Radian (RDN) 10-Q 7 Nov 24 2024 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2024	Nov. 05, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	1-11356
Entity Registrant Name	Radian Group Inc
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	23-2691170
Entity Address, Address Line One	550 East Swedesford Road
Entity Address, Address Line Two	Suite 350
Entity Address, City or Town	Wayne
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19087
City Area Code	215
Local Phone Number	231-1000
Title of 12(b) Security	Common Stock, $0.001 par value per share
Trading Symbol	RDN
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		148,932,566
Entity Central Index Key	0000890926
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Investments (Notes 5 and 6)
Fixed-maturities available for sale-at fair value (amortized cost of $5,583,574 and $5,599,111)	$ 5,292,480	$ 5,188,228
Trading securities-at fair value (amortized cost of $91,976 and $110,484)	89,272	106,423
Equity securities-at fair value (cost of $151,307 and $92,124)	145,717	89,057
Residential mortgage loans held for sale-at fair value (Note 7)	529,517	32,755
Other invested assets—at fair value	7,809	8,625
Short-term investments at fair value (includes $116,905 and $149,364 of reinvested cash collateral held under securities lending agreements)	432,385	660,566
Total investments	6,497,180	6,085,654
Cash	28,061	18,999
Restricted cash	2,014	1,066
Accrued investment income	49,707	45,783
Accounts and notes receivable	138,439	123,857
Reinsurance recoverables (includes $369 and $59 for paid losses)	34,015	25,909
Deferred policy acquisition costs	18,430	18,718
Property and equipment, net	41,892	63,822
Prepaid federal income taxes (Note 10)	870,336	750,320
Other assets (Note 9)	384,666	459,805
Securitized residential mortgage loans held for investment at fair value	353,078
Other VIE assets	1,953
Total assets	8,419,771	7,593,933
Liabilities
Unearned premiums	198,007	225,396
Reserve for losses and LAE (Note 11)	363,225	370,148
Senior notes (Note 12)	1,064,718	1,417,781
Secured borrowings (Note 12)	551,916	119,476
Reinsurance funds withheld	138,810	130,564
Net deferred tax liability	737,605	589,564
Other liabilities	318,345	343,199
Securitized nonrecourse debt-at fair value	344,904
Other VIE liabilities	3,388
Total liabilities	3,720,918	3,196,128
Stockholders’ equity
Common stock ($0.001 par value; 485,000 shares authorized; 2024: 170,541 and 149,776 shares issued and outstanding, respectively; 2023: 173,247 and 153,179 shares issued and outstanding, respectively)	171	173
Treasury stock, at cost (2024: 20,766 shares; 2023: 20,068 shares)	(967,717)	(945,870)
Additional paid-in capital	1,315,046	1,430,594
Retained earnings	4,584,453	4,243,759
Accumulated other comprehensive income (loss) (Note 15)	(233,100)	(330,851)
Total stockholders’ equity	4,698,853	4,397,805
Total liabilities and stockholders’ equity	$ 8,419,771	$ 7,593,933

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Fixed-maturities available for sale, amortized cost	$ 5,583,574	$ 5,599,111
Trading securities, amortized cost	91,976	110,484
Equity securities, cost	151,307	92,124
Reinvested cash collateral held under securities lending agreements	116,905	149,364
Reinsurance recoverables, paid losses	$ 369	$ 59
Common stock, par value (in usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	485,000	485,000
Common stock, shares, issued (in shares)	170,541	173,247
Common stock, shares, outstanding (in shares)	149,776	153,179
Treasury stock (in shares)	20,766	20,068

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues
Net premiums earned (Note 8)	$ 239,133	$ 240,262	$ 712,721	$ 686,929
Services revenue (Note 4)	12,167	10,892	38,020	33,673
Net investment income (Note 6)	78,396	67,805	221,383	189,606
Net gains (losses) on investments and other financial instruments (includes net realized gains (losses) on investments of $2,409, $(2,775), $(4,292) and $(11,636)) (Note 6)	2,174	(8,555)	(1,823)	(3,206)
Income (loss) on consolidated VIEs (Note 7)	465	0	465	0
Other income	1,522	2,109	3,656	4,942
Total revenues	333,857	312,513	974,422	911,944
Expenses
Provision for losses (Note 11)	6,889	(8,135)	(1,890)	(46,696)
Policy acquisition costs	6,724	6,920	20,040	18,431
Cost of services	9,542	8,886	28,404	29,541
Other operating expenses	85,919	79,206	260,203	252,360
Interest expense (Note 12)	29,391	23,282	85,501	66,526
Amortization of other acquired intangible assets	0	1,371	0	4,112
Total expenses	138,465	111,530	392,258	324,274
Pretax income	195,392	200,983	582,164	587,670
Income tax provision	43,500	44,401	126,015	127,244
Net income	$ 151,892	$ 156,582	$ 456,149	$ 460,426
Net income per share
Basic (in usd per share)	$ 1	$ 0.99	$ 2.98	$ 2.9
Diluted (in usd per share)	$ 0.99	$ 0.98	$ 2.95	$ 2.86
Weighted average number of common shares outstanding—basic (in shares)	151,846	158,461	153,199	158,992
Weighted average number of common and common equivalent shares outstanding—diluted (in shares)	153,073	160,147	154,607	160,869

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Net realized gains (losses) on investments	$ 2,409	$ (2,775)	$ (4,292)	$ (11,636)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 151,892,000	$ 156,582,000	$ 456,149,000	$ 460,426,000
Other comprehensive income (loss), net of tax (Note 15)
Unrealized holding gains (losses) on investments arising during the period for which an allowance for expected losses has not been recognized	144,659,000	(99,603,000)	92,930,000	(74,874,000)
Less: Reclassification adjustment for net gains (losses) on investments included in net income
Net realized gains (losses) on disposals and non-credit related impairment losses	448,000	(2,207,000)	(4,889,000)	(10,412,000)
Net unrealized gains (losses) on investments	144,211,000	(97,396,000)	97,819,000	(64,462,000)
Other adjustments to comprehensive income (loss), net	0	0	(68,000)	179,000
Other comprehensive income (loss), net of tax	144,211,000	(97,396,000)	97,751,000	(64,283,000)
Comprehensive income (loss)	$ 296,103,000	$ 59,186,000	$ 553,900,000	$ 396,143,000

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Changes in Common Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Treasury Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Balance, beginning of period at Dec. 31, 2022		$ 176	$ (930,643)	$ 1,519,641	$ 3,786,952	$ (456,799)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under incentive and benefit plans		2		3,951
Shares repurchased under share repurchase program (Note 14)		(3)		(70,444)
Repurchases of common stock under incentive plans			(14,861)
Share-based compensation				29,564
Net income	$ 460,426				460,426
Dividends and dividend equivalents declared					(110,780)
Net unrealized gains (losses) on investments, net of tax	(64,462)					(64,462)
Other adjustments to other comprehensive income (loss)						179
Balance, end of period at Sep. 30, 2023	4,152,899	175	(945,504)	1,482,712	4,136,598	(521,082)
Balance, beginning of period at Jun. 30, 2023		177	(945,032)	1,522,895	4,016,482	(423,686)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under incentive and benefit plans		0		1,094
Shares repurchased under share repurchase program (Note 14)		(2)		(50,436)
Repurchases of common stock under incentive plans			(472)
Share-based compensation				9,159
Net income	156,582				156,582
Dividends and dividend equivalents declared					(36,466)
Net unrealized gains (losses) on investments, net of tax	(97,396)					(97,396)
Other adjustments to other comprehensive income (loss)						0
Balance, end of period at Sep. 30, 2023	4,152,899	175	(945,504)	1,482,712	4,136,598	(521,082)
Balance, beginning of period at Dec. 31, 2023	4,397,805	173	(945,870)	1,430,594	4,243,759	(330,851)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under incentive and benefit plans		2		3,592
Shares repurchased under share repurchase program (Note 14)		(4)		(150,165)
Repurchases of common stock under incentive plans			(21,847)
Share-based compensation				31,025
Net income	456,149				456,149
Dividends and dividend equivalents declared					(115,455)
Net unrealized gains (losses) on investments, net of tax	97,819					97,819
Other adjustments to other comprehensive income (loss)						(68)
Balance, end of period at Sep. 30, 2024	4,698,853	171	(967,717)	1,315,046	4,584,453	(233,100)
Balance, beginning of period at Jun. 30, 2024		172	(967,218)	1,356,341	4,470,335	(377,311)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under incentive and benefit plans		0		1,205
Shares repurchased under share repurchase program (Note 14)		(1)		(49,485)
Repurchases of common stock under incentive plans			(499)
Share-based compensation				6,985
Net income	151,892				151,892
Dividends and dividend equivalents declared					(37,774)
Net unrealized gains (losses) on investments, net of tax	144,211					144,211
Other adjustments to other comprehensive income (loss)						0
Balance, end of period at Sep. 30, 2024	$ 4,698,853	$ 171	$ (967,717)	$ 1,315,046	$ 4,584,453	$ (233,100)

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities
Net income	$ 456,149	$ 460,426
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Net (gains) losses on investments and other financial instruments	1,823	3,206
Net (gains) losses on consolidated VIE assets and liabilities	(265)	0
Purchases of residential mortgage loans held for sale	(1,143,220)	(187,163)
Proceeds from sales of residential mortgage loans held for sale	273,848	36,677
Principal payments from residential mortgage loans held for sale	19,989	13,870
Loss on extinguishment of debt	4,275	0
Amortization of other acquired intangible assets	0	4,112
Depreciation, other amortization, and other impairments, net	53,025	43,476
Deferred income tax provision	122,056	123,565
Change in:
Accrued investment income	(5,877)	(5,530)
Accounts and notes receivable	(11,697)	(24,888)
Reinsurance recoverable	(8,106)	1,484
Deferred policy acquisition costs	288	(357)
Prepaid federal income tax	(120,016)	(100,452)
Other assets	11,115	37,841
Unearned premiums	(27,389)	(35,078)
Reserve for losses and LAE	(6,923)	(59,275)
Reinsurance funds withheld	8,246	4,047
Other liabilities	(21,478)	(51,485)
Net cash provided by (used in) operating activities	(394,157)	264,476
Proceeds from sales of:
Fixed-maturities available for sale	391,612	266,206
Trading securities	0	9,123
Equity securities	28,503	46,136
Proceeds from redemptions of:
Fixed-maturities available for sale	648,451	384,262
Trading securities	16,929	1,538
Purchases of:
Fixed-maturities available for sale	(1,019,843)	(796,087)
Equity securities	(21,976)	(5,711)
Sales, redemptions and (purchases) of:
Short-term investments, net	241,802	(77,572)
Other assets and other invested assets, net	1,274	(2,945)
Principal payments from securitized residential mortgage loans held for investment	8,508	0
Additions to property and equipment	(2,831)	(14,395)
Net cash provided by (used in) investing activities	292,429	(189,445)
Cash flows from financing activities
Dividends and dividend equivalents paid	(115,227)	(111,029)
Issuance of common stock	928	1,533
Repurchases of common stock	(149,043)	(70,028)
Issuance of senior notes	616,745	0
Redemption of senior notes	(977,079)	0
Issuance of securitized nonrecourse debt	344,514	0
Repayments of securitized nonrecourse debt	(8,508)	0
Proceeds (repayments) related to cash collateral for loaned securities, net	(32,459)	19,462
Proceeds from secured borrowings	1,654,037	389,408
Repayments of secured borrowings	(1,221,597)	(303,477)
Credit facility commitment fees paid	(573)	(666)
Net cash provided by (used in) financing activities	111,738	(74,797)
Increase (decrease) in cash and restricted cash	10,010	234
Cash and restricted cash, beginning of period	20,065	56,560
Cash and restricted cash, end of period	30,075	56,794
Noncash Investing and Financing Items [Abstract]
Transfer from residential mortgage loans held for sale to securitized residential mortgage loans held for investment	350,875	0
Retention of mortgage servicing rights from residential mortgage loan sales	2,189	0
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	$ 1,242	$ 0

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 151,892	$ 156,582	$ 456,149	$ 460,426

Insider Trading Arrangements

Insider Trading Arrangements - shares	3 Months Ended
	Sep. 30, 2024	May 15, 2025
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Except as described below, none of the directors or officers (as defined in Rule 16a-1(f) promulgated under the Exchange Act) of the Company adopted or terminated any Rule 10b5-1 trading arrangement or any non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K) during the period covered by this Report. On August 27, 2024 , Richard G. Thornberry , our Chief Executive Officer , entered into a Rule 10b5-1 trading plan that is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Securities Exchange Act of 1934, as amended, and the Company’s policies regarding transactions in Company securities. Under the trading plan, Mr. Thornberry may sell up to a maximum aggregate number of 240,000 shares of the Company’s common stock, with sales occurring at prevailing market prices (subject to a price threshold) on set dates through the expiration of the plan on November 26, 2025, or the earlier completion of all sales under the plan. As of September 30, 2024, Mr. Thornberry beneficially owned (as determined in accordance with Section 16 of the Exchange Act of 1934) 929,452 shares of the Company’s common stock (“Directly Held Shares”) and also is entitled to receive 271,999 shares (prior to tax withholding upon distribution) on May 15, 2025, upon the completion of a one-year , post-vest holding period on performance-based RSUs (“Vested PSU Shares”). As of September 30, 2024, the value of Mr. Thornberry’s Directly Held Shares and Vested PSU Shares together equaled approximately 42 times his base salary.
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Richard G. Thornberry
Trading Arrangements, by Individual
Name	Richard G. Thornberry
Title	Chief Executive Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 27, 2024
Expiration Date	November 26, 2025,
Arrangement Duration	457 days
Aggregate Available	240,000
Performance-based RSUs | Richard G. Thornberry
Trading Arrangements, by Individual
Arrangement Duration	1 year
Aggregate Available	929,452	271,999

Description of Business

Description of Business	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	1. Description of Business We are a mortgage and real estate company, providing both credit-related mortgage insurance coverage and an array of products and services across the residential real estate and mortgage finance industries. We have one reportable business segment—Mortgage Insurance. Mortgage Insurance Our Mortgage Insurance segment provides credit-related insurance coverage, principally through private mortgage insurance on residential first-lien mortgage loans, as well as contract underwriting and other credit risk management solutions, to mortgage lending institutions and mortgage credit investors. We provide our mortgage insurance products and services through our wholly owned subsidiary, Radian Guaranty. Private mortgage insurance plays an important role in the U.S. housing finance system because it promotes affordable home ownership and helps protect mortgage lenders and mortgage investors, as well as other beneficiaries such as the GSEs, by mitigating default-related losses on residential mortgage loans. Generally, these loans are made to home buyers who make down payments of less than 20 % of the purchase price for their home or, in the case of refinancings, have less than 20 % equity in their home. Private mortgage insurance also facilitates the sale of these low down payment loans in the secondary mortgage market, almost all of which are currently sold to the GSEs. Our total direct primary mortgage IIF and RIF were $ 274.7 billion and $ 71.8 billion , respectively, as of September 30, 2024, compared to $ 270.0 billion and $ 69.7 billion , respectively, as of December 31, 2023. The GSEs and state insurance regulators impose various capital and financial requirements on Radian Guaranty. These include the PMIERs financial requirements, as well as Risk-to-capital and other risk-based capital measures and surplus requirements. Failure to comply with these capital and financial requirements may limit the amount of insurance that Radian Guaranty writes or may prohibit it from writing insurance altogether. The GSEs and state insurance regulators possess significant discretion regarding all aspects of Radian Guaranty’s business. See Note 16 for additional information on PMIERs and other regulatory information. All Other We report on our other operating segments and business activities within an All Other category, which includes the results of our Mortgage Conduit, Title, Real Estate Services and Real Estate Technology businesses. See Note 4 for additional information about our Mortgage Insurance reportable segment and All Other business activities. Risks and Uncertainties In assessing the Company’s current financial condition and developing forecasts of future operations, management has made significant judgments and estimates with respect to potential factors impacting our financial and liquidity position. These judgments and estimates are subject to risks and uncertainties that could affect amounts reported in our financial statements in future periods and that could cause actual results to be materially different from our estimates.

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Significant Accounting Policies	2. Significant Accounting Policies Basis of Presentation Our condensed consolidated financial statements are prepared in accordance with GAAP and include the accounts of Radian Group and its subsidiaries. All intercompany accounts and transactions, and intercompany profits and losses, have been eliminated. Certain prior period amounts have been reclassified to conform to the current period presentation, including a reclassification for the three and nine months ended September 30, 2023, of interest expense to net investment income for expenses associated with our securities lending transactions. We have condensed or omitted certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with GAAP pursuant to the instructions set forth in Article 10 of Regulation S-X of the SEC. We generally refer to our holding company alone, without its consolidated subsidiaries, as “Radian Group.” We refer to Radian Group together with its consolidated subsidiaries as “Radian,” the “Company,” “we,” “us” or “our,” unless the context requires otherwise. Unless otherwise defined in this report, certain terms and acronyms used throughout this report are defined in the Glossary of Abbreviations and Acronyms included as part of this report. The financial information presented for interim periods is unaudited; however, such information reflects all adjustments that are, in the opinion of management, necessary for the fair statement of the financial position, results of operations, comprehensive income (loss) and cash flows for the interim periods presented. Such adjustments are of a normal recurring nature. The year-end condensed consolidated balance sheet data was derived from our audited financial statements, but does not include all disclosures required by GAAP. To fully understand the basis of presentation, these interim financial statements and related notes contained herein should be read in conjunction with the audited financial statements and notes thereto included in our 2023 Form 10-K. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year or for any other period. Use of Estimates The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of our contingent assets and liabilities at the dates of the financial statements, as well as the reported amounts of revenues and expenses during the reporting periods. While the amounts included in our condensed consolidated financial statements include our best estimates and assumptions, actual results may vary materially. Other Significant Accounting Policies See Note 2 of Notes to Consolidated Financial Statements in our 2023 Form 10-K for information regarding other significant accounting policies. There have been no significant changes in our significant accounting policies from those discussed in our 2023 Form 10-K. Beginning in the third quarter of 2024, we expanded our involvement with VIEs through our residential mortgage loan securitization program. See Note 7 for additional information regarding our involvement with VIEs associated with these securitization transactions. Recent Accounting Pronouncements Accounting Standards Not Yet Adopted In November 2023, the FASB issued ASU 2023-07, Segment Reporting—Improvements to Reportable Segment Disclosures. This update enhances disclosure requirements, primarily through enhanced disclosures about significant reportable segment expenses under ASC 280. This update is applicable to all public entities and is effective for fiscal years starting after December 15, 2023, and interim periods within fiscal periods commencing after December 15, 2024. Early adoption is permitted. The amendments in this update should be applied retrospectively for all periods presented in the financial statements. We are currently evaluating the impact the new accounting guidance will have on our disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes—Improvements to Income Tax Disclosures, an update which enhances income tax disclosures. This guidance requires disaggregated information about an entity’s effective tax rate reconciliation as well as information on income taxes paid. This update is applicable to all public entities and is effective for fiscal years starting after December 15, 2024. Early adoption is permitted. The amendments in this update should be applied prospectively; however, retrospective application is permitted. We are currently evaluating the impact the new accounting guidance will have on our disclosures. In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses. This update requires enhanced disclosures of certain costs and expenses in the notes to the financial statements. This update is applicable to all public entities and is effective for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Early adoption is permitted. The amendments in this update should be applied prospectively; however, retrospective application is permitted. We are currently evaluating the impact the new accounting guidance will have on our disclosures.

Net Income Per Share

Net Income Per Share	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Net Income Per Share	3. Net Income Per Share Basic net income per share is computed by dividing net income by the weighted average number of common shares outstanding, while diluted net income per share is computed by dividing net income attributable to common stockholders by the sum of the weighted average number of common shares outstanding and the weighted average number of dilutive potential common shares. Dilutive potential common shares relate to our share-based compensation arrangements. The calculation of basic and diluted net income per share is as follows. Net income per share Three Months Ended Nine Months Ended (In thousands, except per-share amounts) 2024 2023 2024 2023 Net income—basic and diluted $ 151,892 $ 156,582 $ 456,149 $ 460,426 Average common shares outstanding—basic 151,846 158,461 153,199 158,992 Dilutive effect of share-based compensation arrangements (1) 1,227 1,686 1,408 1,877 Adjusted average common shares outstanding—diluted 153,073 160,147 154,607 160,869 Net income per share Basic $ 1.00 $ 0.99 $ 2.98 $ 2.90 Diluted $ 0.99 $ 0.98 $ 2.95 $ 2.86 (1) The following number of shares of our common stock equivalents issued under our share-based compensation arrangements are not included in the calculation of diluted net income per share because their effect would be anti-dilutive. Three Months Ended Nine Months Ended (In thousands) 2024 2023 2024 2023 Shares of common stock equivalents — — 5 100

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Segment Reporting	4. Segment Reporting In the first quarter of 2024, our Chief Executive Officer (Radian’s chief operating decision maker) made certain changes to the way that he organizes and assesses the performance of our operating segments, which resulted in updates to our quantitative and aggregation analyses in accordance with the accounting standard regarding segment reporting. Whereas in prior years we aggregated our Title, Real Estate Services and Real Estate Technology businesses and reported them as a single reportable segment named homegenius, effective for 2024 we are reporting the results of operations for these individual businesses and our Mortgage Conduit business, none of which meet the reportable segment materiality thresholds, in the All Other category, along with certain corporate and other activities. This reflects the way our Chief Executive Officer is currently managing and evaluating these businesses individually and is aligned with materiality considerations consistent with current accounting guidance. As a result of the change described above, we now have one reportable segment, Mortgage Insurance, which derives its revenue from mortgage insurance and other mortgage and risk services, including contract underwriting solutions provided to mortgage lending institutions and mortgage credit investors. In addition to this reportable segment, in All Other we report activities that include: (i) income (losses) from assets held by Radian Group, our holding company; (ii) related general corporate operating expenses not attributable or allocated to our reportable segment; and (iii) the operating results from certain other immaterial activities and operating segments, including our Mortgage Conduit, Title, Real Estate Services and Real Estate Technology businesses. We have reflected this change in our segment operating results for all periods presented, as shown below. We allocate corporate operating expenses to our Mortgage Insurance business and our immaterial operating businesses included in All Other based primarily on their respective forecasted annual percentage of total revenue, which approximates the estimated percentage of management time spent on each business. In addition, we allocate all corporate interest expense to our Mortgage Insurance segment, due to the capital-intensive nature of our mortgage insurance business. We do not manage assets by operating segments. See Note 1 for additional details about our Mortgage Insurance business. Adjusted Pretax Operating Income (Loss) Our senior management, including our Chief Executive Officer, uses adjusted pretax operating income (loss) as our primary measure to evaluate the fundamental financial performance of each of Radian’s businesses and to allocate resources to them. Adjusted pretax operating income (loss) is defined as pretax income (loss) excluding the effects of: (i) net gains (losses) on investments and other financial instruments, except for those investments and other financial instruments attributable to our Mortgage Conduit business; (ii) amortization and impairment of goodwill and other acquired intangible assets; and (iii) impairment of other long-lived assets and other non-operating items, if any, such as gains (losses) from the sale of lines of business, acquisition-related income (expenses) and gains (losses) on extinguishment of debt. See Note 4 of Notes to Consolidated Financial Statements in our 2023 Form 10-K for detailed information regarding items excluded from adjusted pretax operating income (loss), including the reasons for their treatment. Although adjusted pretax operating income (loss) excludes certain items that have occurred in the past and are expected to occur in the future, the excluded items represent those that are: (i) not viewed as part of the operating performance of our primary activities or (ii) not expected to result in an economic impact equal to the amount reflected in pretax income (loss). The reconciliation of adjusted pretax operating income (loss) for our reportable segment to consolidated pretax income is as follows. Reconciliation of adjusted pretax operating income (loss) to consolidated pretax income Three Months Ended Nine Months Ended (In thousands) 2024 2023 2024 2023 Mortgage Insurance adjusted pretax operating income (1) $ 203,543 $ 219,229 $ 612,156 $ 632,027 Reconciling items All Other adjusted pretax operating income (loss) ( 4,875 ) ( 8,774 ) ( 17,988 ) ( 37,334 ) Net gains (losses) on investments and other financial instruments (2) 6,785 ( 8,838 ) 2,454 ( 3,664 ) Amortization and impairment of goodwill and other acquired intangible assets — ( 1,371 ) — ( 4,112 ) Impairment of other long-lived assets and other non-operating items (3) ( 10,061 ) 737 ( 14,458 ) 753 Consolidated pretax income $ 195,392 $ 200,983 $ 582,164 $ 587,670 (1) Includes allocated corporate operating expenses and depreciation expense as follows. Three Months Ended Nine Months Ended (In thousands) 2024 2023 2024 2023 Allocated corporate operating expenses (a) $ 32,533 $ 31,744 $ 110,239 $ 103,654 Direct depreciation expense 2,003 1,995 5,995 6,164 (a) Includes immaterial allocated depreciation expense for the three and nine months ended September 30, 2024 and 2023. (2) Excludes net gains (losses) on investments and other financial instruments that are attributable to our Mortgage Conduit business, which are included in adjusted pretax operating income (loss). (3) The non-operating loss for the three and nine months ended September 30, 2024, primarily relates to impairment of internal-use software, due to a strategic decision made in the third quarter of 2024 to discontinue the use and offering of a particular product, which resulted in the full impairment of the remaining capitalized costs for this asset. Revenues The reconciliation of revenues for our reportable segment to consolidated revenues is as follows. Reconciliation of reportable segment revenues to total revenues Three Months Ended Nine Months Ended (In thousands) 2024 2023 2024 2023 Mortgage Insurance revenues $ 287,572 $ 288,257 $ 858,578 $ 827,955 Reconciling items All Other (1) 39,605 32,328 113,733 87,090 Net gains (losses) on investments and other financial instruments 6,785 ( 8,838 ) 2,454 ( 3,664 ) Other non-operating revenue — 868 — 868 Elimination of inter-segment revenues ( 105 ) ( 102 ) ( 343 ) ( 305 ) Total revenues $ 333,857 $ 312,513 $ 974,422 $ 911,944 (1) All Other total revenues include immaterial inter-segment revenues for the three and nine months ended September 30, 2024 and 2023 . The table below, which represents total services revenue in our condensed consolidated statements of operations for the periods indicated, provides the disaggregation of services revenue by revenue type. Services revenue Three Months Ended Nine Months Ended (In thousands) 2024 2023 2024 2023 Mortgage Insurance Contract underwriting services $ 244 $ 266 $ 763 $ 886 All Other Real Estate Services Valuation 3,292 3,405 11,853 10,168 Single family rental 2,302 1,529 7,030 5,583 Asset management technology platform 1,193 1,199 3,616 3,574 Real estate owned asset management 1,082 887 3,331 2,687 Other real estate services 7 26 16 27 Title 3,427 2,964 9,540 8,751 Real Estate Technology 620 616 1,871 1,997 Total services revenue $ 12,167 $ 10,892 $ 38,020 $ 33,673 See Note 2 of Notes to Consolidated Financial Statements in our 2023 Form 10-K for information regarding our accounting policies and the services we offer.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	5. Fair Value of Financial Instruments For discussion of our valuation methodologies for assets and liabilities measured at fair value and the fair value hierarchy, see Note 5 of Notes to Consolidated Financial Statements in our 2023 Form 10-K. The following tables include a list of assets and liabilities that are measured at fair value by hierarchy level as of the dates indicated. Assets and liabilities carried at fair value by hierarchy level September 30, 2024 (In thousands) Level I Level II Level III Total Investments Fixed-maturities available for sale U.S. government and agency securities $ 127,300 $ 8,962 $ — $ 136,262 State and municipal obligations — 160,289 — 160,289 Corporate bonds and notes — 2,553,145 — 2,553,145 RMBS — 1,058,454 — 1,058,454 CMBS — 473,312 — 473,312 CLO — 467,761 — 467,761 Other ABS — 395,603 — 395,603 Mortgage insurance-linked notes (1) — 47,654 — 47,654 Total fixed-maturities available for sale 127,300 5,165,180 — 5,292,480 Trading securities State and municipal obligations — 53,592 — 53,592 Corporate bonds and notes — 25,465 — 25,465 RMBS — 5,346 — 5,346 CMBS — 4,869 — 4,869 Total trading securities — 89,272 — 89,272 Equity securities 135,556 3,615 6,546 145,717 Residential mortgage loans held for sale (2) — 529,517 — 529,517 Other invested assets (3) (4) — — 5,808 5,808 Short-term investments State and municipal obligations — 2,200 — 2,200 Money market instruments 318,929 — — 318,929 Corporate bonds and notes — 50,512 — 50,512 Other ABS — 9,789 — 9,789 Other investments (5) — 50,955 — 50,955 Total short-term investments 318,929 113,456 — 432,385 Total investments at fair value (4) 581,785 5,901,040 12,354 6,495,179 Other Derivative assets — 2,830 — 2,830 Mortgage servicing rights — — 1,714 1,714 Loaned securities (6) State and municipal obligations — 13 — 13 Corporate bonds and notes — 121,819 — 121,819 Other ABS — 1,206 — 1,206 Equity securities 18,576 — — 18,576 Securitized residential mortgage loans held for investment (2) — 353,078 — 353,078 Total assets at fair value (4) $ 600,361 $ 6,379,986 $ 14,068 $ 6,994,415 Liabilities Derivative liabilities (7) $ — $ 94 $ 2,748 $ 2,842 Securitized nonrecourse debt (2) — 344,904 — 344,904 Total liabilities at fair value $ — $ 344,998 $ 2,748 $ 347,746 (1) Includes mortgage insurance-linked notes purchased by Radian Group in connection with the XOL Program. See Note 8 for more information. (2) See Note 7 for more information about our residential mortgage loan activities, including our private label securitization program. (3) Consists primarily of interests in private debt and equity investments. (4) Does not include other invested assets of $ 2 million that are primarily invested in limited partnership investments valued using the net asset value as a practical expedient. (5) Comprises short-term certificates of deposit and commercial paper. (6) Securities loaned to third-party borrowers under securities lending agreements are classified as other assets on our condensed consolidated balance sheets. See Note 6 for more information on our securities lending agreements. (7) Level III derivative liabilities consist of embedded derivatives related to our XOL Program, which are classified as other liabilities on our condensed consolidated balance sheets. See Note 8 for more information. Assets and liabilities carried at fair value by hierarchy level December 31, 2023 (In thousands) Level I Level II Level III Total Investments Fixed-maturities available for sale U.S. government and agency securities $ 124,734 $ 9,859 $ — $ 134,593 State and municipal obligations — 142,785 — 142,785 Corporate bonds and notes — 2,511,905 — 2,511,905 RMBS — 1,014,071 — 1,014,071 CMBS — 558,383 — 558,383 CLO — 487,849 — 487,849 Other ABS — 284,559 — 284,559 Foreign government and agency securities — 5,087 — 5,087 Mortgage insurance-linked notes (1) — 48,996 — 48,996 Total fixed-maturities available for sale 124,734 5,063,494 — 5,188,228 Trading securities State and municipal obligations — 70,844 — 70,844 Corporate bonds and notes — 24,913 — 24,913 RMBS — 5,930 — 5,930 CMBS — 4,736 — 4,736 Total trading securities — 106,423 — 106,423 Equity securities 81,170 5,387 2,500 89,057 Residential mortgage loans held for sale (2) — 32,755 — 32,755 Other invested assets (3) (4) — — 7,196 7,196 Short-term investments State and municipal obligations — 2,700 — 2,700 Money market instruments 368,433 — — 368,433 Corporate bonds and notes — 150,930 — 150,930 CMBS — 1,347 — 1,347 Other ABS — 1,158 — 1,158 Other investments (5) — 135,998 — 135,998 Total short-term investments 368,433 292,133 — 660,566 Total investments at fair value (4) 574,337 5,500,192 9,696 6,084,225 Other Derivative assets (6) — 1,912 1 1,913 Loaned securities (7) U.S. government and agency securities 9,803 — — 9,803 Corporate bonds and notes — 117,992 — 117,992 Equity securities 75,898 — — 75,898 Total assets at fair value (4) $ 660,038 $ 5,620,096 $ 9,697 $ 6,289,831 Liabilities Derivative liabilities (6) $ — $ 817 $ 692 $ 1,509 Total liabilities at fair value $ — $ 817 $ 692 $ 1,509 (1) Includes mortgage insurance-linked notes purchased by Radian Group in connection with the XOL Program. See Note 8 for more information. (2) See Note 7 for more information about our residential mortgage loan activities. (3) Consists primarily of interests in private debt and equity investments. (4) Does not include other invested assets of $ 1 million that are primarily invested in limited partnership investments valued using the net asset value as a practical expedient. (5) Comprises short-term certificates of deposit and commercial paper. (6) Level III derivative assets and liabilities consist of embedded derivatives related to our XOL Program, which are classified as other assets and liabilities in our consolidated balance sheets. See Note 8 for more information. (7) Securities loaned to third-party borrowers under securities lending agreements are classified as other assets in our consolidated balance sheets. See Note 6 for more information. Activity related to Level III assets and liabilities (including realized and unrealized gains and losses, purchases, sales, issuances, settlements and transfers) was immaterial for the three and nine months ended September 30, 2024 and 2023. Other Fair Value Disclosure The carrying value and estimated fair value of other selected assets and liabilities not carried at fair value on our condensed consolidated balance sheets were as follows as of the dates indicated. Financial instruments not carried at fair value September 30, 2024 December 31, 2023 (In thousands) Carrying Estimated Carrying Estimated Company-owned life insurance $ 109,980 $ 109,980 $ 106,417 $ 106,417 Senior notes 1,064,718 1,103,786 1,417,781 1,406,118 Secured borrowings FHLB advances $ 54,364 $ 54,435 $ 95,277 $ 95,348 Mortgage loan financing facilities 497,552 497,552 24,199 24,199 Total secured borrowings $ 551,916 $ 551,987 $ 119,476 $ 119,547 The fair value of our company-owned life insurance is estimated based on the cash surrender value less applicable surrender charges. These assets are categorized in Level II of the fair value hierarchy. See Note 9 for further information on our company-owned life insurance. The fair value of our senior notes is estimated based on quoted market prices. The fair value of our secured borrowings is estimated based on current market rates and contractual cash flows including, for FHLB advances, any fees that may be required to be paid to the FHLB. These liabilities are categorized in Level II of the fair value hierarchy. See Note 12 for further information about our senior notes and secured borrowings.

Investments

Investments	9 Months Ended
	Sep. 30, 2024
Investments [Abstract]
Investments	6. Investments Available for Sale Securities Our available for sale securities within our investment portfolio consisted of the following as of the dates indicated. Available for sale securities September 30, 2024 (In thousands) Amortized Gross Gross Fair Value Fixed-maturities available for sale U.S. government and agency securities $ 160,871 $ 25 $ ( 24,634 ) $ 136,262 State and municipal obligations 172,140 645 ( 12,483 ) 160,302 Corporate bonds and notes 2,858,351 26,816 ( 210,302 ) 2,674,865 RMBS 1,111,244 14,870 ( 67,660 ) 1,058,454 CMBS 499,415 117 ( 26,220 ) 473,312 CLO 469,209 383 ( 1,831 ) 467,761 Other ABS 394,154 4,673 ( 2,018 ) 396,809 Mortgage insurance-linked notes (1) 45,571 2,083 — 47,654 Total securities available for sale, including loaned securities 5,710,955 $ 49,612 $ ( 345,148 ) (2) 5,415,419 Less: loaned securities (3) 127,381 122,939 Total fixed-maturities available for sale $ 5,583,574 $ 5,292,480 December 31, 2023 (In thousands) Amortized Gross Gross Fair Value Fixed-maturities available for sale U.S. government and agency securities $ 171,194 $ 93 $ ( 26,891 ) $ 144,396 State and municipal obligations 158,539 283 ( 16,037 ) 142,785 Corporate bonds and notes 2,876,175 12,286 ( 259,177 ) 2,629,284 RMBS 1,089,919 8,250 ( 84,098 ) 1,014,071 CMBS 605,029 51 ( 46,697 ) 558,383 CLO 494,339 63 ( 6,553 ) 487,849 Other ABS 286,988 1,608 ( 4,037 ) 284,559 Foreign government and agency securities 5,128 — ( 41 ) 5,087 Mortgage insurance-linked notes (1) 47,456 1,540 — 48,996 Total securities available for sale, including loaned securities 5,734,767 $ 24,174 $ ( 443,531 ) (2) 5,315,410 Less: loaned securities (3) 135,656 127,182 Total fixed-maturities available for sale $ 5,599,111 $ 5,188,228 (1) Includes mortgage insurance-linked notes purchased by Radian Group in connection with the XOL Program. See Note 8 for more information. (2) See “Gross Unrealized Losses and Related Fair Value of Available for Sale Securities” below for additional details. (3) Included in other assets on our condensed consolidated balance sheets. See “Loaned Securities” below for a discussion of our securities lending agreements. Gross Unrealized Losses and Related Fair Value of Available for Sale Securities For securities deemed “available for sale” that are in an unrealized loss position and for which an allowance for credit loss has not been established, the following tables show the gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of the dates indicated. Included in the amounts as of September 30, 2024, and December 31, 2023, are loaned securities that are classified as other assets on our condensed consolidated balance sheets, as further described below. Unrealized losses on fixed-maturities available for sale by category and length of time September 30, 2024 Less Than 12 Months 12 Months or Greater Total (In thousands) Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized U.S. government and agency securities $ 5,103 $ ( 10 ) $ 120,876 $ ( 24,624 ) $ 125,979 $ ( 24,634 ) State and municipal obligations 17,690 ( 432 ) 86,609 ( 12,051 ) 104,299 ( 12,483 ) Corporate bonds and notes 135,130 ( 835 ) 1,700,938 ( 209,467 ) 1,836,068 ( 210,302 ) RMBS 35,229 ( 199 ) 606,366 ( 67,461 ) 641,595 ( 67,660 ) CMBS 12,822 ( 38 ) 449,697 ( 26,182 ) 462,519 ( 26,220 ) CLO 57,047 ( 120 ) 72,100 ( 1,711 ) 129,147 ( 1,831 ) Other ABS 27,690 ( 133 ) 47,061 ( 1,885 ) 74,751 ( 2,018 ) Total $ 290,711 $ ( 1,767 ) $ 3,083,647 $ ( 343,381 ) $ 3,374,358 $ ( 345,148 ) December 31, 2023 Less Than 12 Months 12 Months or Greater Total (In thousands) Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized U.S. government and agency securities $ 15,650 $ ( 938 ) $ 113,678 $ ( 25,953 ) $ 129,328 $ ( 26,891 ) State and municipal obligations 17,154 ( 551 ) 104,949 ( 15,486 ) 122,103 ( 16,037 ) Corporate bonds and notes 161,924 ( 1,261 ) 2,055,113 ( 257,916 ) 2,217,037 ( 259,177 ) RMBS 113,506 ( 1,439 ) 653,955 ( 82,659 ) 767,461 ( 84,098 ) CMBS 8,558 ( 31 ) 546,104 ( 46,666 ) 554,662 ( 46,697 ) CLO 15,083 ( 25 ) 438,294 ( 6,528 ) 453,377 ( 6,553 ) Other ABS 49,513 ( 322 ) 64,078 ( 3,715 ) 113,591 ( 4,037 ) Foreign government and agency securities — — 5,087 ( 41 ) 5,087 ( 41 ) Total $ 381,388 $ ( 4,567 ) $ 3,981,258 $ ( 438,964 ) $ 4,362,646 $ ( 443,531 ) There were 820 and 1,063 securities in an unrealized loss position at September 30, 2024, and December 31, 2023, respectively. We determined that these unrealized losses were due to non-credit factors and that, as of September 30, 2024, we did not expect to realize a loss for our investments in an unrealized loss position given our intent and ability to hold these investment securities until recovery of their amortized cost basis. See Note 2 of Notes to Consolidated Financial Statements in our 2023 Form 10-K for information regarding our accounting policy for impairments of investments. Contractual Maturities The contractual maturities of fixed-maturities available for sale were as follows. Contractual maturities of fixed-maturities available for sale September 30, 2024 (In thousands) Amortized Cost Fair Value Due in one year or less $ 111,757 $ 110,762 Due after one year through five years (1) 1,178,043 1,152,612 Due after five years through 10 years (1) 965,508 920,061 Due after 10 years (1) 936,054 787,994 Asset-backed and mortgage-backed securities (2) 2,519,593 2,443,990 Total 5,710,955 5,415,419 Less: loaned securities 127,381 122,939 Total fixed-maturities available for sale $ 5,583,574 $ 5,292,480 (1) Actual maturities may differ as a result of calls before scheduled maturity. (2) Includes RMBS, CMBS, CLO, Other ABS and mortgage insurance-linked notes, which are not due at a single maturity date. Net Investment Income Net investment income consisted of the following. Net investment income Three Months Ended Nine Months Ended (In thousands) 2024 2023 2024 2023 Investment income Fixed-maturities $ 59,348 $ 58,599 $ 174,531 $ 167,985 Equity securities 3,047 3,222 8,653 9,667 Mortgage loans held for sale (1) 7,828 1,719 15,032 2,487 Short-term investments 9,686 5,405 27,258 12,969 Other (2) 1,525 1,308 4,626 3,633 Gross investment income 81,434 70,253 230,100 196,741 Investment expenses (2) ( 3,038 ) ( 2,448 ) ( 8,717 ) ( 7,135 ) Net investment income $ 78,396 $ 67,805 $ 221,383 $ 189,606 (1) See Note 7 for additional information on our mortgage loans held for sale. (2) Includes the impact from our securities lending activities. Investment expenses also include other investment management expenses. Net Gains (Losses) on Investments and Other Financial Instruments Net gains (losses) on investments and other financial instruments consisted of the following. Net gains (losses) on investments and other financial instruments Three Months Ended Nine Months Ended (In thousands) 2024 2023 2024 2023 Net realized gains (losses) on investments sold or redeemed (1) Fixed-maturities available for sale Gross realized gains $ 2,021 $ 20 $ 2,652 $ 588 Gross realized losses ( 1,323 ) ( 2,814 ) ( 8,472 ) ( 13,768 ) Fixed-maturities available for sale, net 698 ( 2,794 ) ( 5,820 ) ( 13,180 ) Trading securities ( 496 ) — ( 686 ) ( 402 ) Equity securities 2,156 — 2,162 1,890 Other investments 51 19 52 56 Net realized gains (losses) on investments sold or redeemed (1) 2,409 ( 2,775 ) ( 4,292 ) ( 11,636 ) Change in unrealized gains (losses) on investments sold or redeemed (1) ( 2,022 ) 9 ( 690 ) 226 Impairment losses due to intent to sell ( 131 ) — ( 369 ) — Net unrealized gains (losses) on investments still held (1) Trading securities 3,926 ( 5,632 ) 988 ( 4,494 ) Equity securities 2,585 290 4,739 4,991 Other investments 101 ( 1 ) 102 ( 97 ) Net unrealized gains (losses) on investments still held (1) 6,612 ( 5,343 ) 5,829 400 Total net gains (losses) on investments (1) 6,868 ( 8,109 ) 478 ( 11,010 ) Net gains (losses) on mortgage loans held for sale (Note 7) (2) ( 4,611 ) 284 ( 4,277 ) 459 Net gains (losses) on other financial instruments (1) (3) ( 83 ) ( 730 ) 1,976 7,345 Net gains (losses) on investments and other financial instruments $ 2,174 $ ( 8,555 ) $ ( 1,823 ) $ ( 3,206 ) (1) Excludes activities related to our mortgage loans held for sale. See Note 7 for additional information. (2) Includes realized and unrealized net gains (losses) on mortgage loans held for sale and related activities, including interest rate hedges. See Note 7 for additional details. (3) Includes changes in the fair value of embedded derivatives associated with our XOL Program. See Note 8 for additional information. Loaned Securities We participate in a securities lending program whereby we loan certain securities in our investment portfolio to third-party borrowers for short periods of time. Under this program, we had loaned $ 142 million and $ 204 million of our investment securities to third parties as of September 30, 2024, and December 31, 2023, respectively, including fixed-maturities, equity securities and short-term investments. Although we report such securities at fair value within other assets on our condensed consolidated balance sheets, rather than within investments, the detailed information we provide in this Note 6 includes these securities. All of our securities lending agreements are classified as overnight and revolving. Securities collateral on deposit with us from third-party borrowers totaling $ 30 million and $ 61 million as of September 30, 2024, and December 31, 2023, respectively, may not be transferred or re-pledged unless the third-party borrower is in default, and is therefore not reflected in our condensed consolidated financial statements. See Note 5 herein for additional detail on the loaned securities and see Note 6 of Notes to Consolidated Financial Statements in our 2023 Form 10-K for additional information about our accounting policies with respect to our securities lending agreements and the collateral requirements thereunder. Other Our investments include securities totaling $ 14 million at both September 30, 2024, and December 31, 2023 , that are on deposit and serving as collateral with various state regulatory authorities. Our fixed-maturities available for sale also include securities serving as collateral for our FHLB advances. See Note 12 for additional information about our FHLB advances.

Residential Mortgage Loans

Residential Mortgage Loans	9 Months Ended
	Sep. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
Residential Mortgage Loans	7. Residential Mortgage Loans Radian Mortgage Capital, our mortgage conduit subsidiary, acquires residential mortgage loans with the intention of then either selling the loans directly to mortgage investors, including the GSEs, or distributing them into the capital markets through private label securitizations, with the option to retain and manage certain components of the underlying credit risk. During the aggregation period following loan acquisition, we carry these loans as residential mortgage loans held for sale until the loan is either sold or securitized. If the loan is ultimately contributed to a securitization, we perform an analysis of our ongoing participation and rights in the securitization to determine if we need to consolidate the securitization trust. If we conclude that we are required to consolidate the securitization trust and continue to reflect those securitized mortgage loans on our condensed consolidated balance sheets, we then reclassify those loans as securitized residential mortgage loans held for investment, as described further below. Residential Mortgage Loans Held for Sale The carrying value of our residential mortgage loans held for sale owned by Radian Mortgage Capital totaled $ 530 million and $ 33 million at September 30, 2024, and December 31, 2023, respectively, and is based on fair value. The estimated fair value of our mortgage loans held for sale is subject to, among other things, changes in mortgage interest rates from the date we agree to purchase the mortgage loan through the date we agree to sell the mortgage loan. In an effort to mitigate this interest rate risk, we enter into certain derivative contracts with third parties during the period from the commitment to purchase the mortgage loans until the loans are either securitized or sold directly to mortgage investors. We elected the fair value option for our residential mortgage loans held for sale to allow for consistent treatment of both mortgage loans and any associated hedges or derivatives. Net gains (losses) associated with our mortgage loans held for sale and any related hedges are included in net gains (losses) on investments and other financial instruments in our condensed consolidated statements of operations. As of September 30, 2024, our residential mortgage loans held for sale consisted of 569 mortgage loans with a total unpaid principal balance of $ 517 million , related to properties in 42 states and the District of Columbia. Loans on properties in California accounted for 30 % of this balance, with no other state concentration exceeding 10 % as of September 30, 2024. T he majority of our loans are non-agency loans, with balances in excess of the GSEs’ conforming loan limits and with credit risk characteristics commensurate with the prime jumbo private label securitization market. As of September 30, 2024 , none of these mortgage loans were greater than ninety days delinquent or in nonaccrual status. Interest earned on residential mortgage loans held for sale is included in net investment income in our condensed consolidated statements of operations. Further, as of September 30, 2024, the Company had commitments to purchase and fund additional mortgage loans with a total unpaid principal balance of $ 268 million . Prior to the settlement and funding of these loan purchases, any unrealized net gains (losses) related to these commitments are recorded as derivative assets or liabilities on our condensed consolidated balance sheets, with the corresponding gain or loss included in net gains (losses) on investments and other financial instruments in our condensed consolidated statements of operations. The following table reflects the outstanding derivative instruments related to our mortgage loan activity as of the dates indicated. Derivative instruments September 30, 2024 December 31, 2023 Fair Value Fair Value (In thousands) Notional (1) Derivative Derivative Notional (1) Derivative Derivative Forward mortgage loan purchase commitments $ 267,644 $ 1,286 $ — $ 83,962 $ 708 $ — Hedging instruments (2) Forward RMBS purchase contracts (3) $ 274,000 $ 221 $ 94 $ 51,100 $ 715 $ 817 Interest rate swap futures contracts (4) 51,500 1,323 — 7,300 489 — (1) Notional amounts provide an indication of the volume of the Company’s derivative capacity. The notional amount is the face amount of our contracts and does not represent our exposure to credit loss and therefore is not reflected on our condensed consolidated balance sheets. (2) All of the derivatives used for hedging purposes are interest rate derivatives subject to master netting agreements and are considered economic hedges. (3) Derivative assets include cash collateral receivables of $ 1 million and $ 715 thousand as of September 30, 2024, and December 31, 2023, respectively . (4) Derivative assets include cash collateral receivables of $ 2 million and $ 720 thousand as of September 30, 2024, and December 31, 2023, respectively . The impact to net gains (losses) on investments and other financial instruments from our residential mortgage loans held for sale and related hedging activities was as follows. Net gains (losses) on residential mortgage loans held for sale Three Months Ended Nine Months Ended (In thousands) 2024 2023 2024 2023 Net realized gains (losses) Mortgage loans held for sale (1) $ ( 2,819 ) $ ( 89 ) $ ( 4,008 ) $ ( 80 ) Mortgage loans held for sale hedging activities ( 11,451 ) 358 ( 8,706 ) 319 Total realized gains (losses) ( 14,270 ) 269 ( 12,714 ) 239 Mortgage loan servicing rights resulting from loan sales 758 — 2,256 — Change in unrealized gains (losses) on mortgage loans held for sale and related derivatives sold or redeemed 2,640 ( 246 ) ( 271 ) ( 23 ) Unrealized gains (losses) on mortgage loans held for sale and related derivatives still held Mortgage loans held for sale (2) 6,852 ( 1,728 ) 7,043 ( 1,746 ) Mortgage loans held for sale hedging activities ( 591 ) 1,989 ( 591 ) 1,989 Total net unrealized gains (losses) 6,261 261 6,452 243 Net gains (losses) on residential mortgage loans held for sale $ ( 4,611 ) $ 284 $ ( 4,277 ) $ 459 (1) Includes net gains (losses) on residential mortgage loans held for sale through the date of transfer to a securitization trust, if applicable. See “Securitized Residential Mortgage Loans Held for Investment” below for information on subsequent gains (losses) for those securitized loans. (2) Includes net gains (losses) on mortgage loan commitments accounted for as derivatives prior to settlement. We primarily fund the purchases of our residential mortgage loans held for sale with amounts borrowed under our mortgage loan financing facilities. Expenses related to these facilities are included in interest expense in our condensed consolidated statements of operations. See Note 12 for additional information on these facilities and their related terms and covenants. Net investment income earned on our residential mortgage loans held for sale and interest expense incurred on our mortgage loan financing facilities consisted of the following. Net interest on residential mortgage loans held for sale Three Months Ended Nine Months Ended (In thousands) 2024 2023 2024 2023 Interest income $ 7,828 $ 1,719 $ 15,032 $ 2,487 Interest expense ( 7,500 ) ( 1,609 ) ( 14,045 ) ( 2,086 ) Net interest on residential mortgage loans held for sale $ 328 $ 110 $ 987 $ 401 In addition to the debt covenants under its financing facilities, Radian Mortgage Capital is also subject to certain requirements established by state and other regulators and loan purchasers, including Freddie Mac, such as certain minimum net worth and capital requirements and ratios. As of September 30, 2024, the most restrictive of these financial conditions required Radian Mortgage Capital to maintain a ratio of tangible net worth to total assets of at least 6 % . As of September 30, 2024, Radian Mortgage Capital’s tangible net worth was $ 103 million , compared to a required minimum tangible net worth of $ 37 million based on this ratio. Changes in the fair value of residential mortgage loans held for sale and related hedges could materially impact Radian Mortgage Capital’s net worth in future periods. To the extent any capital requirements are not met, regulators and loan purchasers may exercise certain remedies, which may include, as applicable, prohibiting Radian Mortgage Capital from purchasing, selling, or servicing loans. As of September 30, 2024, Radian Mortgage Capital was in compliance with all such requirements. Securitized Residential Mortgage Loans Held for Investment During the third quarter of 2024, Radian Mortgage Capital closed its inaugural private label prime jumbo securitization transaction. The securitization involved the transfer of a portfolio of residential mortgage loans to a newly created special purpose vehicle, Radian Mortgage Capital Trust 2024-J1, and the private offering and issuance of $ 349 million of unregistered mortgage pass-through certificates collateralized by the cash flows of the underlying residential mortgage loans. At closing, we retained an interest in certain of the certificates, and Radian Mortgage Capital and its affiliates (excluding its mortgage insurance affiliates) may hold an interest in the certificates from time to time. Because this securitization consists entirely of qualified mortgages as defined in the Dodd-Frank Act, pursuant to applicable federal securities laws and regulations, Radian Mortgage Capital is not obligated to retain these certificates for a minimum length of time as part of any risk retention requirements. We concluded that the special purpose vehicle created to facilitate this transaction is a VIE, primarily due to the minimal equity that the securitization trust holds to be able to finance its activities without additional support. In addition to being the sponsor and depositor for the trust, our involvement with this VIE is ongoing and includes retaining the subordinate certificates that are in a first loss position and maintaining certain discretionary rights associated with those subordinate investments, including certain rights to direct the loss mitigation activities of the servicer. As a result of our having both: (i) the economic obligation to absorb losses and receive benefits that could be significant to the VIE and (ii) the power to direct the activities that most significantly impact the performance of the VIE, we concluded that we are the primary beneficiary of the VIE. As a result, we consolidate the assets, liabilities, operations and cash flows of the securitization trust on our condensed consolidated financial statements. Since we were already carrying the loans transferred to the trust at fair value prior to the securitization, consistent with our policy election for all residential mortgage loans held for sale, we did not recognize any material gain or loss upon consolidation of the VIE. Despite being the primary beneficiary of the VIE and consolidating the trust’s activities, the holders of the securitized debt have no recourse to the general credit of Radian and we neither own nor are liable for the assets and liabilities of the VIE. Rather, our exposure to these trusts is primarily through the risk of loss on the interests we have retained, as well as the obligation, under certain circumstances, for Radian Mortgage Capital to repurchase assets from the VIE upon the breach of certain representations and warranties with respect to the residential mortgage loans transferred to the VIE. Furthermore, liquidity available at the consolidated VIE is not available for corporate liquidity needs, other than through distributions on the certificates we have retained. We have elected the fair value option for the initial and subsequent recognition of the securitized residential mortgage loans and the related liabilities issued by the consolidated VIE. Electing this option allows us to record changes in fair value in the condensed consolidated statement of operations, which, in management’s view, appropriately reflects the results of operations for a particular reporting period as all activities will be recorded in a comparable manner. We have concluded that the trust that holds the securitized residential mortgage loans is considered to be a collateralized financing entity (“CFE”). A CFE is a VIE with no more than nominal equity that holds financial assets and issues beneficial interests in those assets, for which the issued beneficial interests have contractual recourse only to the related assets of the CFE. The accounting guidance that addresses VIEs allows us to elect to measure both the financial assets and financial liabilities of a CFE using the more observable of the fair value of the financial assets and the fair value of the financial liabilities of a CFE. The net equity in an entity accounted for under the CFE election effectively represents the fair value of the retained interests that we hold in the entity. We have determined the inputs to the fair value measurement of the financial liabilities of the VIE to be more observable than those of the financial assets and, as a result, have used the fair value of the financial liabilities of the VIE to measure the fair value of the financial assets of the VIE. For the VIE liabilities, which primarily represent investment grade asset-backed securities issued by the trust, we determine fair value with the assistance of independent third-party valuation service providers, using external market information that includes observable market yields, spreads and projected prepayment speeds on securitizations with similar collateral characteristics. The fair value estimate of the securitized residential mortgage loans is then derived using the fair value of the VIE liabilities. As such, we classify both the securitized residential mortgage loans held by the VIE and the nonrecourse debt issued by the VIE as Level II in the fair value hierarchy, as reflected in Note 5. On our condensed consolidated balance sheets, we report both the assets and liabilities of the consolidated VIE at fair value, including reporting the VIE’s mortgage loans in securitized residential mortgage loans held for investment and the asset-backed securities issued by the VIE in securitized nonrecourse debt. We eliminate from this debt the value of the certificates that we retained. As of September 30, 2024, the net reported value of the consolidated VIE assets and liabilities was $ 7 million , which represents the aggregate fair value of our retained interests from the VIE, including accrued interest, as of that date. We report the net financial results from consolidated VIEs in income (loss) on consolidated VIEs in our condensed consolidated statements of operations, which also equals the income (loss) from our retained interests in any given period, based on the interest income and change in fair value for those interests. As of September 30, 2024, none of the loans in the securitization trust were greater than ninety days delinquent or in nonaccrual status. The following table details the components of income (loss) on consolidated VIEs for the three and nine months ended September 30, 2024. There was no activity prior to these periods. Income (loss) on consolidated VIEs Three Months Ended Nine Months Ended (In thousands) 2024 2024 Net change in fair value of VIE assets and liabilities reported under the fair value option $ 265 $ 265 Interest income 4,039 4,039 Interest expense ( 3,682 ) ( 3,682 ) Other expenses ( 157 ) ( 157 ) Total income (loss) on consolidated VIEs $ 465 $ 465 Radian Mortgage Capital completed its second private label prime jumbo securitization in October 2024. This securitization involved the transfer of a portfolio of residential mortgage loans to a newly created VIE and the private offering and issuance of $ 423 million of unregistered mortgage pass-through certificates collateralized by the cash flows of the underlying residential mortgage loans. At closing, we retained an interest in certain of the certificates, with an initial fair value of $ 6 million. Based on our ongoing involvement with the VIE, we expect to consolidate the results of this newly created securitization trust. As part of our overall business strategy, we expect to continue to expand Radian Mortgage Capital’s use of securitizations in the future. It is possible that we may consolidate additional VIEs in future periods, depending on the facts and circumstances regarding our involvement with each VIE. We continuously analyze entities in which we hold variable interests, including when there is a reconsideration event, to determine whether our consolidation conclusions regarding any VIE should change.

Reinsurance

Reinsurance	9 Months Ended
	Sep. 30, 2024
Reinsurance Disclosures [Abstract]
Reinsurance	8. Reinsurance In our mortgage insurance and title insurance businesses, we use reinsurance as part of our risk distribution strategy, including to manage our capital position and risk profile. The reinsurance arrangements for our mortgage insurance business include premiums ceded under the QSR Program and the XOL Program. The amount of credit that we receive under the PMIERs financial requirements for our third-party reinsurance transactions is subject to approval and regular review by the GSEs. The effect of all of our reinsurance programs on our net income is as follows. Reinsurance impacts on net premiums written and earned Net Premiums Written Net Premiums Earned Three Months Ended Nine Months Ended Three Months Ended Nine Months Ended (In thousands) 2024 2023 2024 2023 2024 2023 2024 2023 Direct Mortgage insurance $ 255,422 $ 247,941 $ 758,245 $ 736,173 $ 263,509 $ 258,207 $ 785,634 $ 771,251 Title insurance 4,079 3,561 9,030 8,246 4,079 3,561 9,030 8,246 Total direct 259,501 251,502 767,275 744,419 267,588 261,768 794,664 779,497 Ceded Mortgage insurance (1) ( 21,774 ) ( 12,771 ) ( 60,075 ) ( 57,044 ) ( 28,365 ) ( 21,406 ) ( 81,673 ) ( 92,268 ) Title insurance ( 90 ) ( 100 ) ( 270 ) ( 300 ) ( 90 ) ( 100 ) ( 270 ) ( 300 ) Total ceded (1) ( 21,864 ) ( 12,871 ) ( 60,345 ) ( 57,344 ) ( 28,455 ) ( 21,506 ) ( 81,943 ) ( 92,568 ) Total net premiums $ 237,637 $ 238,631 $ 706,930 $ 687,075 $ 239,133 $ 240,262 $ 712,721 $ 686,929 (1) Net of profit commission, which is impacted by the level of ceded losses recoverable, if any, on reinsurance transactions. See Note 11 for additional information on our reserve for losses and reinsurance recoverable. The nine months ended September 30, 2023, include a $ 21 million increase in ceded premiums related to the tender offers that were completed in the second quarter of 2023 by Eagle Re 2019-1 Ltd. and Eagle Re 2020-1 Ltd. to purchase the mortgage insurance-linked notes issued by such entities. Other reinsurance impacts Three Months Ended Nine Months Ended (In thousands) 2024 2023 2024 2023 Ceding commissions earned (1) $ 6,672 $ 5,650 $ 19,130 $ 15,953 Ceded losses (2) 3,161 1,289 8,360 ( 1,095 ) (1) Ceding commissions earned are related to mortgage insurance and are included as an offset to expenses primarily in other operating expenses in our condensed consolidated statements of operations. Deferred ceding commissions of $ 16 million and $ 20 million are included in other liabilities on our condensed consolidated balance sheets at September 30, 2024, and December 31, 2023, respectively. (2) Ceded losses are primarily related to mortgage insurance. QSR Program 2024, 2023 and 2022 QSR Agreements Radian Guaranty entered into each of the 2024, 2023 and 2022 QSR Agreements with panels of third-party reinsurance providers to cede a contractual quota share percentage of certain of our NIW, which includes both Recurring Premium Policies and Single Premium Policies (as set forth in the table below), subject to certain conditions, including a limitation for the 2024 QSR Agreement on ceded RIF equal to $ 4.3 billion over the term of the agreement. Radian Guaranty receives a ceding commission for ceded premiums earned pursuant to these transactions. Radian Guaranty is also entitled to receive a profit commission quarterly, subject to a final annual re-calculation, provided that the loss ratio on the loans covered under the agreements generally remains below the applicable prescribed thresholds. Losses on the ceded risk up to these thresholds reduce Radian Guaranty’s profit commission on a dollar-for-dollar basis. As of July 1, 2024, Radian Guaranty is no longer ceding NIW under the 2023 QSR Agreement. As of July 1, 2023, Radian Guaranty is no longer ceding NIW under the 2022 QSR Agreement. Single Premium QSR Program Radian Guaranty entered into each of the 2016 Single Premium QSR Agreement, 2018 Single Premium QSR Agreement and 2020 Single Premium QSR Agreement with panels of third-party reinsurers to cede a contractual quota share percentage of our Single Premium NIW as of the effective date of each agreement (as set forth in the table below), subject to certain conditions. Radian Guaranty receives a ceding commission for ceded premiums written pursuant to these transactions. Radian Guaranty also receives a profit commission annually, provided that the loss ratio on the loans covered under the agreement generally remains below the applicable prescribed thresholds. Losses on the ceded risk up to these thresholds reduce Radian Guaranty’s profit commission on a dollar-for-dollar basis. As of January 1, 2022, Radian Guaranty is no longer ceding NIW under the Single Premium QSR Program. The following table sets forth additional details regarding the QSR Program, with RIF ceded as of the dates indicated. QSR Program (1) 2024 QSR Agreement 2023 QSR Agreement 2022 QSR Agreement 2020 Single Premium QSR Agreement 2018 Single Premium QSR Agreement 2016 Single Premium QSR Agreement NIW policy dates Jul 1, 2024- Jul 1, 2023- Jan 1, 2022- Jan 1, 2020- Jan 1, 2018- Jan 1, 2012- Effective date Jul 1, 2024 Jul 1, 2023 Jul 1, 2022 Jan 1, 2020 Jan 1, 2018 Jan 1, 2016 Scheduled termination date Jun 30, 2035 Jun 30, 2034 Jun 30, 2033 Dec 31, 2031 Dec 31, 2029 Dec 31, 2027 Optional termination date (2) Jul 1, 2028 Jul 1, 2027 Jul 1, 2026 Jan 1, 2024 Jan 1, 2022 Jan 1, 2020 Quota share % 25 % 22.5 % 20 % 65 % 65 % 18 % - 57 % Ceding commission % 20 % 20 % 20 % 25 % 25 % 25 % Profit commission % Up to 59 % Up to 55 % Up to 59 % Up to 56 % Up to 56 % Up to 55 % (In millions) September 30, 2024 RIF ceded $ 834 $ 2,638 $ 4,178 $ 1,587 $ 680 $ 904 (In millions) December 31, 2023 RIF ceded $ — $ 1,366 $ 4,454 $ 1,783 $ 739 $ 982 (1) Excludes the 2012 QSR Agreements, for which RIF ceded is no longer material. (2) Radian Guaranty has the option, based on certain conditions and subject to a termination fee, to terminate any of the agreements at the end of any calendar quarter on or after the applicable optional termination date. If Radian Guaranty exercises this option in the future, it would result in Radian Guaranty reassuming the related RIF in exchange for a net payment to the reinsurers calculated in accordance with the terms of the applicable agreement. Radian Guaranty also may terminate any of the agreements prior to the scheduled termination date under certain circumstances, including if one or both of the GSEs no longer grant full PMIERs credit for the reinsurance. XOL Program Mortgage Insurance-linked Notes Radian Guaranty has entered into fully collateralized reinsurance arrangements with the Eagle Re Issuers, as described below. For the respective coverage periods, Radian Guaranty retains the first-loss layer of aggregate losses, as well as any losses in excess of the outstanding reinsurance coverage amounts. The Eagle Re Issuers provide second layer coverage up to the outstanding coverage amounts. For each of these reinsurance arrangements, the Eagle Re Issuers financed their coverage by issuing mortgage insurance-linked notes to eligible capital markets investors in unregistered private offerings. The aggregate excess-of-loss reinsurance coverage for these arrangements decreases over the maturity period of the mortgage insurance-linked notes (either a 10 -year or 12.5 -year period depending on the transaction) as the principal balances of the underlying covered mortgages decrease and as any claims are paid by the applicable Eagle Re Issuer or the mortgage insurance is canceled. Radian Guaranty has rights to terminate the reinsurance agreements upon the occurrence of certain events, including an optional call feature that provides Radian Guaranty the right to terminate the transaction on or after the optional call date ( 5 or 7 years after the issuance of the mortgage insurance-linked notes depending on the transaction) and a right to exercise an optional clean-up call if the outstanding principal amount of the related mortgage insurance-linked notes falls below 10 % of the initial coverage level or principal balance, depending on the transaction, of the related mortgage insurance-linked notes. Under each of the reinsurance agreements, the outstanding reinsurance coverage amount will begin amortizing after an initial period in which a target level of credit enhancement is obtained and will stop amortizing if certain thresholds, or triggers, are reached, including a delinquency trigger event based on an elevated level of delinquencies as defined in the related mortgage insurance-linked notes transaction agreements. Any remaining mortgage insurance-linked notes issued by Eagle Re 2020-1 Ltd. were paid in full in March 2024, with no material impact to the Company. As a result, Eagle Re 2020-1 Ltd. is no longer providing reinsurance coverage to Radian Guaranty. Traditional Reinsurance For the respective coverage periods under traditional XOL reinsurance agreements, Radian Guaranty retains the first-loss layer of aggregate losses, as well as any losses in excess of the outstanding reinsurance coverage amounts. The reinsurers provide second layer coverage up to the outstanding coverage amounts. The 2023 XOL Agreement is scheduled to terminate September 30, 2033. Radian Guaranty has the option, based upon certain conditions, to terminate the agreement as of September 30, 2028, or at the end of any calendar quarter thereafter, which would result in Radian Guaranty reassuming the related RIF. In the event Radian Guaranty does not exercise its right to terminate the agreement on September 30, 2028, the monthly premium rate will increase from the original monthly premium. The following tables set forth additional details regarding the XOL Program, with RIF, remaining coverage and first layer retention as of the dates indicated. XOL Program Mortgage Insurance-linked Notes (1) Traditional Reinsurance (In millions) Eagle Re Eagle Re Eagle Re (2) 2023 XOL Issued October November April October NIW policy dates Apr 1, 2022- Jan 1, 2021- Aug 1, 2020- Oct 1, 2021- Initial RIF $ 8,782 $ 10,758 $ 11,061 $ 8,002 Initial coverage 353 484 498 246 Initial first layer retention 287 242 221 240 (In millions) September 30, 2024 RIF $ 8,139 $ 6,611 $ 5,267 $ 7,067 Remaining coverage 344 274 178 184 First layer retention 286 241 221 240 (In millions) December 31, 2023 RIF $ 8,659 $ 7,651 $ 6,227 $ 7,814 Remaining coverage 353 355 250 226 First layer retention 287 242 221 240 (1) Excludes Eagle Re 2020-1 Ltd., which as further discussed above, was terminated in March 2024. (2) Radian Group purchased $ 45 million of Eagle Re 2021-1 Ltd. outstanding principal amounts of the respective mortgage insurance-linked notes issued in connection with that reinsurance transaction. On our condensed consolidated balance sheet at September 30, 2024 , these notes are included either in fixed-maturities available for sale or, if included in our securities lending program, in other assets. See Notes 5 and 6 for additional information. The Eagle Re Issuers are not subsidiaries or affiliates of Radian Guaranty. Based on the accounting guidance that addresses VIEs, we have not consolidated any of the assets and liabilities of the Eagle Re Issuers in our financial statements, because Radian does not have: (i) the power to direct the activities that most significantly affect the Eagle Re Issuers’ economic performances or (ii) the obligation to absorb losses or the right to receive benefits from the Eagle Re Issuers that potentially could be significant to the Eagle Re Issuers. See Note 2 of Notes to Consolidated Financial Statements in our 2023 Form 10-K for more information on our accounting treatment of VIEs. The amount of monthly reinsurance premiums ceded to the Eagle Re Issuers will fluctuate due to changes in one-month SOFR and changes in money market rates that affect investment income collected on the assets in the reinsurance trusts. As the reinsurance premium will vary based on changes in these rates, we concluded that the reinsurance agreements contain embedded derivatives, which we have accounted for separately as freestanding derivatives and recorded in other assets or other liabilities on our condensed consolidated balance sheets. Changes in the fair value of these embedded derivatives are recorded in net gains (losses) on investments and other financial instruments in our condensed consolidated statements of operations. See Note 5 herein and Note 5 of Notes to Consolidated Financial Statements in our 2023 Form 10-K for more information on our fair value measurements of financial instruments, including our embedded derivatives. In the event an Eagle Re Issuer is unable to meet its future obligations to us, if any, our insurance subsidiaries would be liable to make claims payments to our policyholders. In the event that all of the assets in the reinsurance trust (consisting of U.S. government money market funds, cash or U.S. Treasury securities) become worthless and the Eagle Re Issuer is unable to make its payments to us, our maximum potential loss would be the amount of mortgage insurance claim payments for losses on the insured policies, net of the aggregate reinsurance payments already received, up to the full aggregate excess-of-loss reinsurance coverage amount. In the same scenario, the related embedded derivative would no longer have value. The following table presents the total VIE assets and liabilities of the Eagle Re Issuers as of the dates indicated. Total VIE assets and liabilities of Eagle Re Issuers (1) (In thousands) September 30, December 31, Eagle Re 2023-1 Ltd. $ 344,396 $ 353,077 Eagle Re 2021-2 Ltd. 273,905 354,947 Eagle Re 2021-1 Ltd. 177,655 250,268 Eagle Re 2020-1 Ltd. — 6,617 Total $ 795,956 $ 964,909 (1) Assets held by the Eagle Re Issuers are required to be invested in U.S. government money market funds, cash or U.S. Treasury securities. Liabilities of the Eagle Re Issuers consist of their mortgage insurance-linked notes, as described above. Assets and liabilities are equal to each other for each of the Eagle Re Issuers. Other Collateral Although we use reinsurance as one of our risk management tools, reinsurance does not relieve us of our obligations to our policyholders. In the event the reinsurers are unable to meet their obligations to us, our insurance subsidiaries would be liable for any defaulted amounts. However, consistent with the PMIERs reinsurer counterparty collateral requirements, the third-party reinsurers to Radian Guaranty have established trusts to help secure our potential cash recoveries. In addition to the total VIE assets of the Eagle Re Issuers discussed above, the amount held in reinsurance trusts was $ 304 million as of September 30, 2024, compared to $ 274 million as of December 31, 2023. In addition, primarily for the Single Premium QSR Program, Radian Guaranty holds amounts related to ceded premiums written to collateralize the reinsurers’ obligations, which is reported in reinsurance funds withheld on our condensed consolidated balance sheets. Any loss recoveries and profit commissions paid to Radian Guaranty related to the Single Premium QSR Program are expected to be realized from this account. See Note 8 of Notes to Consolidated Financial Statements in our 2023 Form 10-K for more information about our reinsurance transactions.

Other Assets

Other Assets	9 Months Ended
	Sep. 30, 2024
Other Assets [Abstract]
Other Assets	9. Other Assets The following table shows the components of other assets as of the dates indicated. Other assets (In thousands) September 30, December 31, Loaned securities (Notes 5 and 6) $ 141,614 $ 203,693 Company-owned life insurance (1) 109,980 106,417 Prepaid reinsurance premiums (2) 78,845 100,443 Other 54,227 49,252 Total other assets $ 384,666 $ 459,805 (1) We are the beneficiary of insurance policies on the lives of certain of our current and past officers and employees. The balances reported in other assets reflect the amounts that could be realized upon surrender of the insurance policies as of each respective date. (2) Relates primarily to our Single Premium QSR Program.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	10. Income Taxes We use the estimated effective tax rate method to calculate income taxes in interim periods. Certain items, including those deemed to be unusual, infrequent or that cannot be reliably estimated, are excluded from the estimated annual tax rate. In these cases, the actual tax expense or benefit is reported in the same period as the related item. As of September 30, 2024, and December 31, 2023, our current federal income tax liability was $ 23 million and $ 21 million , respectively, which primarily relates to applying the accounting standard for uncertainty in income taxes and is included as a component of other liabilities on our condensed consolidated balance sheets. As a mortgage guaranty insurer, we are eligible for a tax deduction, subject to certain limitations, under Internal Revenue Code Section 832(e) for amounts required by state law or regulation to be set aside in statutory contingency reserves. The deduction is allowed only to the extent that, in conjunction with quarterly federal tax payment due dates, we purchase non-interest bearing U.S. Mortgage Guaranty Tax and Loss Bonds issued by the U.S. Department of the Treasury in an amount equal to the tax benefit derived from deducting any portion of our statutory contingency reserves. As of September 30, 2024, and December 31, 2023, we held $ 870 million and $ 750 million of these bonds, respectively, which are included as prepaid federal income taxes on our condensed consolidated balance sheets. The corresponding deduction of our statutory contingency reserves resulted in the recognition of a net deferred tax liability. For additional information on our income taxes, including our accounting policies, see Notes 2 and 10 of Notes to Consolidated Financial Statements in our 2023 Form 10-K.

Losses and LAE

Losses and LAE	9 Months Ended
	Sep. 30, 2024
Insurance Loss Reserves [Abstract]
Losses and LAE	11. Losses and LAE Our reserve for losses and LAE consisted of the following as of the dates indicated. Reserve for losses and LAE (In thousands) September 30, December 31, Primary case $ 337,025 $ 344,235 Primary IBNR and LAE 11,844 12,177 Pool and other 8,085 8,511 Mortgage insurance 356,954 364,923 Title insurance 6,271 5,225 Total reserve for losses and LAE $ 363,225 $ 370,148 Provision for losses consisted of the following. Provision for losses Three Months Ended Nine Months Ended (In thousands) 2024 2023 2024 2023 Mortgage insurance $ 6,346 $ ( 8,257 ) $ ( 2,309 ) $ ( 46,744 ) Title insurance 543 122 419 48 Total provision for losses $ 6,889 $ ( 8,135 ) $ ( 1,890 ) $ ( 46,696 ) For the periods indicated, the following table presents information relating to our mortgage insurance reserve for losses, including our IBNR reserve and LAE. Rollforward of mortgage insurance reserve for losses Nine Months Ended (In thousands) 2024 2023 Balance at beginning of period $ 364,923 $ 420,955 Less: Reinsurance recoverables (1) 25,074 24,727 Balance at beginning of period, net of reinsurance recoverables 339,849 396,228 Add: Losses and LAE incurred in respect of default notices reported and unreported in: Current year (2) 151,497 130,740 Prior years ( 153,806 ) ( 177,483 ) Total incurred ( 2,309 ) ( 46,743 ) Deduct: Paid claims and LAE related to: Current year (2) 359 204 Prior years 11,937 10,712 Total paid 12,296 10,916 Balance at end of period, net of reinsurance recoverables 325,244 338,569 Add: Reinsurance recoverables (1) 31,710 23,269 Balance at end of period $ 356,954 $ 361,838 (1) Related to ceded losses recoverable, if any, on reinsurance transactions. See Note 8 for additional information. (2) Related to underlying defaulted loans with a most recent default notice dated in the year indicated. For example, if a loan had defaulted in a prior year, but then subsequently cured and later re-defaulted in the current year, that default would be considered a current year default. Reserve Activity Incurred Losses Total incurred losses are driven by: (i) case reserves established for new default notices, which are primarily impacted by both the number of new primary default notices received in the period and our related gross Default to Claim Rate and Claim Severity assumptions applied to those new defaults and (ii) reserve developments on prior period defaults, which are primarily impacted by changes to our prior Default to Claim Rate and Claim Severity assumptions applied to these loans. New primary default notices totaled 36,568 for the nine months ended September 30, 2024, compared to 31,555 for the nine months ended September 30, 2023, representing an increase of 16 % . We believe this increase in new primary defaults is mainly due to the natural seasoning of our insured portfolio given the increase in our IIF in recent years and not the result of deteriorating credit performance of the insured portfolio. Our gross Default to Claim Rate assumption applied to new defaults was 8.0 % as of both September 30, 2024, and September 30, 2023, based on our review of trends in Cures and claims paid for our default inventory and taking into consideration the risks and uncertainties associated with the current economic environment. Our provision for losses during both the first nine months of 2024 and 2023 was positively impacted by favorable reserve development on prior year defaults, primarily as a result of more favorable trends in Cures than originally estimated. These Cures have been due primarily to favorable outcomes resulting from positive trends in home price appreciation, which has also contributed to a higher rate of claims that result in no ultimate loss to us and that are withdrawn by servicers as a result. These favorable observed trends for prior year default notices resulted in reductions in our Default to Claim Rate and other reserve assumptions in both 2024 and 2023, including our Claim Severity assumptions in 2024. As the remaining number of defaults has continued to decline, the magnitude of the impact to our provision for losses from reserve development on prior year defaults has declined as well. Claims Paid Total claims paid were materially unchanged for the nine months ended September 30, 2024, compared to the same period in 2023. For additional information about our Reserve for Losses and LAE, including our accounting policies, see Notes 2 and 11 of Notes to Consolidated Financial Statements in our 2023 Form 10-K.

Borrowings and Financing Activi

Borrowings and Financing Activities	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Borrowings and Financing Activities	12. Borrowings and Financing Activities As of the dates indicated, t he carrying value of our debt, excluding our securitized nonrecourse debt related to consolidated VIEs as discussed in Note 7, was as follows. Borrowings ($ in thousands) Interest rate September 30, December 31, Senior notes Senior Notes due 2024 4.500 % $ — $ 449,037 Senior Notes due 2025 6.625 % — 522,343 Senior Notes due 2027 4.875 % 447,191 446,401 Senior Notes due 2029 6.200 % 617,527 — Total senior notes $ 1,064,718 $ 1,417,781 ($ in thousands) Average (1) September 30, December 31, Secured borrowings FHLB advances FHLB advances due 2024 (2) 4.776 % $ 31,958 $ 72,871 FHLB advances due 2025 2.340 % 12,684 12,684 FHLB advances due 2026 4.469 % 1,835 1,835 FHLB advances due 2027 2.562 % 7,887 7,887 Total FHLB advances 54,364 95,277 Mortgage loan financing facilities 6.507 % 497,552 24,199 Total secured borrowings $ 551,916 $ 119,476 (1) As of September 30, 2024. See “FHLB Advances” and “Mortgage Loan Financing Facilities” below for more information. (2) Includes 5.602 % as of December 31, 2023 , which resets daily based on changes in SOFR. Interest expense consisted of the following. Interest expense Three Months Ended Nine Months Ended (In thousands) 2024 2023 2024 2023 Senior notes $ 20,945 $ 20,320 $ 64,229 $ 60,911 Mortgage loan financing facilities 7,500 1,609 14,045 2,086 Loss on extinguishment of debt — — 4,275 — FHLB advances 538 1,039 2,027 2,395 Revolving credit facility 408 310 925 1,020 Other — 4 — 114 Total interest expense $ 29,391 $ 23,282 $ 85,501 $ 66,526 Senior Notes Senior Notes due 2029. In March 2024, we issued $ 625 million aggregate principal amount of Senior Notes due 2029 and received net proceeds of $ 617 million. These notes mature on May 15, 2029, and bear interest at a rate of 6.200 % per annum, payable semi-annually on May 15 and November 15 of each year, with interest payments commencing on November 15, 2024. We have the option to redeem these notes, in whole or in part, at any time, or from time to time, prior to April 15, 2029 (the date that is one month prior to the maturity date of the notes) (the “Par Call Date”), at a redemption price equal to the greater of (a) the make-whole amount, which is the sum of the present values of the remaining scheduled payments of principal and interest in respect of the notes to be redeemed discounted to the redemption date (assuming the Senior Notes due 2029 matured on the Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the applicable treasury rate plus 30 basis points less interest accrued to the redemption date, and (b) 100 % of the aggregate principal amount of the notes to be redeemed, plus, in either case, accrued and unpaid interest thereon to, but excluding, the redemption date. At any time on or after the Par Call Date, we may, at our option, redeem the notes in whole or in part, at a redemption price equal to 100 % of the aggregate principal amount of the notes to be redeemed, plus accrued and unpaid interest thereon to, but excluding, the redemption date. The indenture governing the Senior Notes due 2029 contains covenants customary for securities of this nature, including covenants related to the payments of the notes, reports to be provided, compliance certificates to be issued and the ability to modify the covenants. Additionally, the indenture includes covenants restricting us from encumbering the capital stock of a designated subsidiary (as defined in the indenture for the notes) or disposing of any capital stock of any designated subsidiary unless either all of the stock is disposed of for cash or property which is at least equal to the fair market value of the stock or we retain more than 80 % of the stock. Extinguishment of Debt Redemption of Senior Notes due 2025. In March 2024, we exercised our right to redeem all of our outstanding Senior Notes due 2025 in the aggregate principal amount of $ 525 million, at a redemption price of 100.4 % of the principal amount plus accrued and unpaid interest. We funded the redemption with $ 527 million in cash (which included accrued and unpaid interest due on the redeemed notes). This redemption resulted in a loss on extinguishment of debt of $ 4 million during the three months ended March 31, 2024, which is included in interest expense in our condensed consolidated statements of operations. Redemption of Senior Notes due 2024. In September 2024, we redeemed the outstanding aggregate principal amount of $ 450 million of our outstanding Senior Notes due 2024. We funded the redemption with $ 460 million in cash (which included accrued and unpaid interest due on the redeemed notes). Following these redemptions, there were no remaining principal amounts outstanding on the Senior Notes due 2025 or the Senior Notes due 2024 at September 30, 2024. FHLB Advances The principal balance of the FHLB advances is required to be collateralized by eligible assets with a fair value that must be maintained generally within a minimum range of 103 % to 114 % of the amount borrowed, depending on the type of assets pledged. Our investments include securities totaling $ 57 million and $ 101 million at September 30, 2024, and December 31, 2023, respectively, which serve as collateral for our FHLB advances to satisfy this requirement. Mortgage Loan Financing Facilities Radian Mortgage Capital has entered into the Master Repurchase Agreements to finance the acquisition of residential mortgage loans and related mortgage loan assets. Pursuant to the Master Repurchase Agreements, Radian Mortgage Capital may from time to time sell, and later repurchase, certain residential mortgage loan assets. The maximum borrowing amounts under the JP Morgan Master Repurchase Agreement, the Goldman Sachs Master Repurchase Agreement and the BMO Master Repurchase Agreement are $ 150 million $ 200 million and $ 400 million , respectively. The JP Morgan Master Repurchase Agreement, the Goldman Sachs Master Repurchase Agreement and the BMO Master Repurchase Agreement are currently scheduled to expire on January 27, 2025, May 31, 2025 and September 24, 2025, respectively. The borrowings under the Master Repurchase Agreements bear a variable interest rate based on one-month SOFR or compounded SOFR, depending on the agreement, plus an applicable margin, with interest payable monthly. Principal is due upon the earliest of the sale or disposition of the related mortgage loans, the occurrence of certain default or acceleration events or at the termination date of the applicable Master Repurchase Agreement. Funds advanced under the Master Repurchase Agreements generally will be calculated as a percentage of the unpaid principal balance or fair value of the residential mortgage loan assets, depending on the credit characteristics of the loans being purchased. Of our residential mortgage loans held for sale, $ 528 million and $ 31 million served as collateral for the Master Repurchase Agreements to support the funds advanced at September 30, 2024, and December 31, 2023, respectively. Revolving Credit Facility Radian Group has in place a $ 275 million unsecured revolving credit facility with a syndicate of bank lenders. As of September 30, 2024, there were no amounts outstanding under this facility. Debt Covenants and Other Information As of September 30, 2024, we are in compliance with all of our debt covenants, including for our senior notes. For more information regarding our borrowings and financing activities, including certain terms, covenants and Parent Guarantees provided by Radian Group in connection with particular borrowings, see Note 12 of Notes to Consolidated Financial Statements in our 2023 Form 10-K.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	13. Commitments and Contingencies Legal Proceedings We are routinely involved in a number of legal actions and proceedings, including reviews, audits, inquiries, information-gathering requests and investigations by various regulatory entities, as well as litigation and other disputes arising in the ordinary course of our business. Legal actions and proceedings could result in adverse judgments, settlements, fines, injunctions, restitutions or other relief that could require significant expenditures or have other effects on our business. Management believes, based on current knowledge and after consultation with counsel, that the outcome of currently pending or threatened actions will not have a material adverse effect on our consolidated financial condition or results of operations. The outcome of legal actions and proceedings is inherently uncertain, and it is possible that any one or more matters could have an adverse effect on our liquidity, financial condition or results of operations for any particular period. See Note 13 of Notes to Consolidated Financial Statements in our 2023 Form 10-K for further information regarding our commitments and contingencies and our accounting policies for contingencies.

Capital Stock

Capital Stock	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Capital Stock	14. Capital Stock Shares of Common Stock The following table shows the year-to-date changes in common stock outstanding for each of the periods indicated. Common stock outstanding (In thousands) September 30, December 31, Balance at beginning of period 153,179 157,056 Shares repurchased under share repurchase programs ( 4,801 ) ( 5,264 ) Issuance of common stock under incentive and benefit plans, net of shares withheld for employee taxes 1,398 1,387 Balance at end of period 149,776 153,179 Share Repurchase Activity From time to time, Radian Group’s board of directors approves share repurchase programs authorizing the Company to repurchase Radian Group common stock in the open market or in privately negotiated transactions, based on market and business conditions, stock price and other factors. Radian generally operates its share repurchase programs pursuant to a trading plan under Rule 10b5-1 of the Exchange Act, which provides for share repurchases at predetermined price targets and permits the Company to purchase shares when it may otherwise be precluded from doing so. In January 2023, Radian Group’s board of directors approved a share repurchase program authorizing the Company to spend up to $ 300 million , excluding commissions, to repurchase Radian Group common stock in the open market or in privately negotiated transactions, based on market and business conditions, stock price and other factors. In May 2024, Radian Group’s board of directors approved an extension of the duration of this program to June 2026, as well as a $ 600 million increase in authorization for this program, bringing the total authorization to repurchase shares up to $ 900 million , excluding commissions. Radian has implemented a trading plan for this share repurchase program under Rule 10b5-1 of the Exchange Act. During the three and nine months ended September 30, 2024, the Company purchased 1.5 million and 4.8 million shares at an average price of $ 33.61 and $ 31.04 per share, including commissions, respectively, pursuant to the share repurchase program. As of September 30, 2024, purchase authority of up to $ 618 million remained available under this program. The Inflation Reduction Act of 2022 imposed a nondeductible 1 % excise tax on the net value of certain stock repurchases made after December 31, 2022. All dollar amounts presented in this report related to our share repurchases and our share repurchase authorizations exclude such excise taxes, to the extent applicable, unless otherwise indicated. Dividends and Dividend Equivalents In February 2024, Radian Group’s board of directors authorized an increase in the Company’s quarterly dividend from $ 0.225 to $ 0.245 per share, beginning with the dividend declared and paid in the first quarter of 2024. The following table presents the amount of dividends declared and paid, on a per share basis, for each quarter and annual period as indicated. Dividends declared and paid 2024 2023 Quarter ended March 31 $ 0.245 $ 0.225 June 30 0.245 0.225 September 30 0.245 0.225 December 31 N/A 0.225 Total annual dividends per share declared and paid $ 0.735 $ 0.900 N/A – Not applicable Dividend equivalents are accrued on RSUs when dividends are declared on the Company’s common stock and are typically paid upon vesting of the shares. See Note 17 of Notes to Consolidated Financial Statements in our 2023 Form 10-K for information about our dividend equivalents on RSU awards. Share-Based and Other Compensation Programs During the second quarter of 2024 , certain executive and non-executive officers were granted time-vested and performance-based RSUs to be settled in common stock. The maximum payout of performance-based RSUs at the end of the three-year performance period is 200 % of a grantee’s target number of RSUs granted. The vesting of the performance-based RSUs granted to certain executive and non-executive officers is based upon the cumulative growth in Radian’s book value per share over a three-year performance period, adjusted for certain defined items, including our total shareholder return relative to certain peers, and, with the exception of certain retirement-eligible employees, continued service through the vesting date. Performance-based RSUs granted to executive officers are subject to a one-year post-vesting holding period. The time-vested RSU awards granted to certain executive and non-executive officers in the second quarter of 2024 generally vest in pro rata installments on each of the first three anniversaries of the grant date. In addition, time-vested RSU awards, which are generally subject to one-year cliff vesting, were also granted to non-employee directors. See Note 17 of Notes to Consolidated Financial Statements in our 2023 Form 10-K for additional information regarding the Company’s share-based and other compensation programs. Information with regard to RSUs to be settled in stock for the periods indicated is as follows. Rollforward of RSUs Performance-Based Time-Vested Number of Weighted Average Number of Weighted Average Outstanding, December 31, 2023 (1) 2,970,874 $ 18.28 1,786,615 $ 18.16 Granted (2) 484,480 29.32 410,733 31.46 Performance adjustment (3) 557,957 — — — Vested (4) ( 1,344,579 ) 14.50 ( 566,494 ) 20.62 Forfeited ( 28,423 ) 27.00 ( 12,999 ) 27.54 Outstanding, September 30, 2024 (1) 2,640,309 $ 22.57 1,617,855 $ 20.60 (1) Outstanding RSUs represent shares that have not yet been issued because not all conditions necessary to earn the right to benefit from the instruments have been satisfied. For performance-based awards, the final number of RSUs distributed depends on: (i) the cumulative growth in Radian’s book value per share adjusted for certain defined items over the respective three-year performance period and, for the performance-based RSUs granted in 2023 and 2024, a modifier based on a comparison of our total shareholder return to the total shareholder return of certain of our peers and (ii) with the exception of certain retirement-eligible employees, continued service through the vesting date, which could result in changes to the number of vested RSUs. (2) For performance-based RSUs, amount represents the number of target shares at grant date. (3) For performance-based RSUs, amount represents the difference between the number of shares vested at settlement, which can range from 0 to 200 % of target depending on results over the applicable performance periods, and the number of target shares at the grant date. (4) Represents amounts vested during the period, including the impact of performance adjustments for performance-based awards.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	9 Months Ended
	Sep. 30, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss)	15. Accumulated Other Comprehensive Income (Loss) The following tables show the rollforward of accumulated other comprehensive income (loss) as of the periods indicated. Rollforward of accumulated other comprehensive income (loss) Three Months Ended Nine Months Ended (In thousands) Before Tax Net of Before Tax Net of Balance at beginning of period $ ( 477,610 ) $ ( 100,299 ) $ ( 377,311 ) $ ( 418,799 ) $ ( 87,948 ) $ ( 330,851 ) Other comprehensive income (loss) Unrealized holding gains (losses) on investments arising during the period for which an allowance for expected credit losses has not been recognized 183,113 38,454 144,659 117,633 24,703 92,930 Less: Reclassification adjustment for net gains (losses) on investments included in net income (1) Net realized gains (losses) on disposals and non-credit related impairment losses 567 119 448 ( 6,188 ) ( 1,299 ) ( 4,889 ) Net unrealized gains (losses) on investments 182,546 38,335 144,211 123,821 26,002 97,819 Other adjustments to comprehensive income (loss), net — — — ( 86 ) ( 18 ) ( 68 ) Other comprehensive income (loss) 182,546 38,335 144,211 123,735 25,984 97,751 Balance at end of period $ ( 295,064 ) $ ( 61,964 ) $ ( 233,100 ) $ ( 295,064 ) $ ( 61,964 ) $ ( 233,100 ) Three Months Ended Nine Months Ended (In thousands) Before Tax Net of Before Tax Net of Balance at beginning of period $ ( 536,312 ) $ ( 112,626 ) $ ( 423,686 ) $ ( 578,228 ) $ ( 121,429 ) $ ( 456,799 ) Other comprehensive income (loss) Unrealized holding gains (losses) on investments arising during the period for which an allowance for expected credit losses has not been recognized ( 126,080 ) ( 26,477 ) ( 99,603 ) ( 94,777 ) ( 19,903 ) ( 74,874 ) Less: Reclassification adjustment for net gains (losses) on investments included in net income (1) Net realized gains (losses) on disposals and non-credit related impairment losses ( 2,794 ) ( 587 ) ( 2,207 ) ( 13,180 ) ( 2,768 ) ( 10,412 ) Net unrealized gains (losses) on investments ( 123,286 ) ( 25,890 ) ( 97,396 ) ( 81,597 ) ( 17,135 ) ( 64,462 ) Other adjustments to comprehensive income, net — — — 227 48 179 Other comprehensive income (loss) ( 123,286 ) ( 25,890 ) ( 97,396 ) ( 81,370 ) ( 17,087 ) ( 64,283 ) Balance at end of period $ ( 659,598 ) $ ( 138,516 ) $ ( 521,082 ) $ ( 659,598 ) $ ( 138,516 ) $ ( 521,082 ) (1) Included in net gains (losses) on investments and other financial instruments in our condensed consolidated statements of operations.

Statutory Information

Statutory Information	9 Months Ended
	Sep. 30, 2024
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Abstract]
Statutory Information	16. Statutory Information Our insurance subsidiaries’ statutory net income (loss) for the periods indicated, and statutory policyholders’ surplus as of the dates indicated, were as follows. Statutory net income (loss) Nine Months Ended (In thousands) 2024 2023 Radian Guaranty $ 588,122 $ 599,781 Other mortgage insurance subsidiaries ( 1,295 ) ( 383 ) Radian Title Insurance 1,438 1,306 Statutory policyholders’ surplus (In thousands) September 30, December 31, Radian Guaranty $ 691,147 $ 619,584 Other mortgage insurance subsidiaries 16,567 17,444 Radian Title Insurance 42,379 41,108 Under state insurance regulations, Radian Guaranty is required to maintain minimum surplus levels and, in certain states, a maximum ratio of net RIF relative to statutory capital, or Risk-to-capital. The most common Statutory RBC Requirement is that a mortgage insurer’s Risk-to-capital may not exceed 25 to 1. In certain of the RBC States, a mortgage insurer must satisfy an MPP Requirement. Radian Guaranty was in compliance with all applicable Statutory RBC Requirements and MPP Requirements in each of the RBC States as of September 30, 2024 . Radian Guaranty’s Risk-to-capital was 10.3 :1 and 10.4 :1 as of September 30, 2024, and December 31, 2023, respectively. For purposes of the Risk-to-capital requirements imposed by certain states, statutory capital is defined as the sum of statutory policyholders’ surplus plus statutory contingency reserves. Our other mortgage insurance and title insurance subsidiaries were also in compliance with all statutory and counterparty capital requirements as of September 30, 2024. In addition, in order to be eligible to insure loans purchased by the GSEs, mortgage insurers such as Radian Guaranty must meet the GSEs’ eligibility requirements, or PMIERs. At September 30, 2024, Radian Guaranty, an approved mortgage insurer under the PMIERs, was in compliance with the current PMIERs financial requirements. State insurance regulations include various capital requirements and dividend restrictions based on our insurance subsidiaries’ statutory financial position and results of operations. As of September 30, 2024, the amount of restricted net assets held by our consolidated insurance subsidiaries (which represents our equity investment in those insurance subsidiaries) totaled $ 4.7 billion of our consolidated net assets. While all proposed dividends and distributions to stockholders must be filed with the Pennsylvania Insurance Department prior to payment, if a Pennsylvania domiciled insurer has positive unassigned surplus, such insurer can pay dividends or other distributions during any 12-month period in an aggregate amount less than or equal to the greater of: (i) 10% of the preceding year-end statutory policyholders’ surplus or (ii) the preceding year’s statutory net income, in each case without the prior approval of the Pennsylvania Insurance Department. Based on its positive unassigned surplus balances during the first nine months of 2024, Radian Guaranty paid ordinary dividends totaling $ 485 million to Radian Group in the first nine months of 2024. Subsequent to the payment of these dividends, as of September 30, 2024, Radian Guaranty had positive unassigned surplus of $ 191 million . For a full description of our compliance with statutory and other regulations for our mortgage insurance and title insurance businesses, including statutory capital requirements and dividend restrictions, see Note 16 of Notes to Consolidated Financial Statements in our 2023 Form 10-K.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation Our condensed consolidated financial statements are prepared in accordance with GAAP and include the accounts of Radian Group and its subsidiaries. All intercompany accounts and transactions, and intercompany profits and losses, have been eliminated. Certain prior period amounts have been reclassified to conform to the current period presentation, including a reclassification for the three and nine months ended September 30, 2023, of interest expense to net investment income for expenses associated with our securities lending transactions. We have condensed or omitted certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with GAAP pursuant to the instructions set forth in Article 10 of Regulation S-X of the SEC. We generally refer to our holding company alone, without its consolidated subsidiaries, as “Radian Group.” We refer to Radian Group together with its consolidated subsidiaries as “Radian,” the “Company,” “we,” “us” or “our,” unless the context requires otherwise. Unless otherwise defined in this report, certain terms and acronyms used throughout this report are defined in the Glossary of Abbreviations and Acronyms included as part of this report. The financial information presented for interim periods is unaudited; however, such information reflects all adjustments that are, in the opinion of management, necessary for the fair statement of the financial position, results of operations, comprehensive income (loss) and cash flows for the interim periods presented. Such adjustments are of a normal recurring nature. The year-end condensed consolidated balance sheet data was derived from our audited financial statements, but does not include all disclosures required by GAAP. To fully understand the basis of presentation, these interim financial statements and related notes contained herein should be read in conjunction with the audited financial statements and notes thereto included in our 2023 Form 10-K. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year or for any other period.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of our contingent assets and liabilities at the dates of the financial statements, as well as the reported amounts of revenues and expenses during the reporting periods. While the amounts included in our condensed consolidated financial statements include our best estimates and assumptions, actual results may vary materially.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Accounting Standards Not Yet Adopted In November 2023, the FASB issued ASU 2023-07, Segment Reporting—Improvements to Reportable Segment Disclosures. This update enhances disclosure requirements, primarily through enhanced disclosures about significant reportable segment expenses under ASC 280. This update is applicable to all public entities and is effective for fiscal years starting after December 15, 2023, and interim periods within fiscal periods commencing after December 15, 2024. Early adoption is permitted. The amendments in this update should be applied retrospectively for all periods presented in the financial statements. We are currently evaluating the impact the new accounting guidance will have on our disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes—Improvements to Income Tax Disclosures, an update which enhances income tax disclosures. This guidance requires disaggregated information about an entity’s effective tax rate reconciliation as well as information on income taxes paid. This update is applicable to all public entities and is effective for fiscal years starting after December 15, 2024. Early adoption is permitted. The amendments in this update should be applied prospectively; however, retrospective application is permitted. We are currently evaluating the impact the new accounting guidance will have on our disclosures. In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses. This update requires enhanced disclosures of certain costs and expenses in the notes to the financial statements. This update is applicable to all public entities and is effective for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Early adoption is permitted. The amendments in this update should be applied prospectively; however, retrospective application is permitted. We are currently evaluating the impact the new accounting guidance will have on our disclosures.
Segment Reporting	In the first quarter of 2024, our Chief Executive Officer (Radian’s chief operating decision maker) made certain changes to the way that he organizes and assesses the performance of our operating segments, which resulted in updates to our quantitative and aggregation analyses in accordance with the accounting standard regarding segment reporting. Whereas in prior years we aggregated our Title, Real Estate Services and Real Estate Technology businesses and reported them as a single reportable segment named homegenius, effective for 2024 we are reporting the results of operations for these individual businesses and our Mortgage Conduit business, none of which meet the reportable segment materiality thresholds, in the All Other category, along with certain corporate and other activities. This reflects the way our Chief Executive Officer is currently managing and evaluating these businesses individually and is aligned with materiality considerations consistent with current accounting guidance. As a result of the change described above, we now have one reportable segment, Mortgage Insurance, which derives its revenue from mortgage insurance and other mortgage and risk services, including contract underwriting solutions provided to mortgage lending institutions and mortgage credit investors. In addition to this reportable segment, in All Other we report activities that include: (i) income (losses) from assets held by Radian Group, our holding company; (ii) related general corporate operating expenses not attributable or allocated to our reportable segment; and (iii) the operating results from certain other immaterial activities and operating segments, including our Mortgage Conduit, Title, Real Estate Services and Real Estate Technology businesses. We have reflected this change in our segment operating results for all periods presented, as shown below. We allocate corporate operating expenses to our Mortgage Insurance business and our immaterial operating businesses included in All Other based primarily on their respective forecasted annual percentage of total revenue, which approximates the estimated percentage of management time spent on each business. In addition, we allocate all corporate interest expense to our Mortgage Insurance segment, due to the capital-intensive nature of our mortgage insurance business. We do not manage assets by operating segments. See Note 1 for additional details about our Mortgage Insurance business.

Net Income Per Share (Tables)

Net Income Per Share (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Schedule of Net Income Per Share, Basic and Diluted	The calculation of basic and diluted net income per share is as follows. Net income per share Three Months Ended Nine Months Ended (In thousands, except per-share amounts) 2024 2023 2024 2023 Net income—basic and diluted $ 151,892 $ 156,582 $ 456,149 $ 460,426 Average common shares outstanding—basic 151,846 158,461 153,199 158,992 Dilutive effect of share-based compensation arrangements (1) 1,227 1,686 1,408 1,877 Adjusted average common shares outstanding—diluted 153,073 160,147 154,607 160,869 Net income per share Basic $ 1.00 $ 0.99 $ 2.98 $ 2.90 Diluted $ 0.99 $ 0.98 $ 2.95 $ 2.86 (1) The following number of shares of our common stock equivalents issued under our share-based compensation arrangements are not included in the calculation of diluted net income per share because their effect would be anti-dilutive. Three Months Ended Nine Months Ended (In thousands) 2024 2023 2024 2023 Shares of common stock equivalents — — 5 100

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Schedule of Reconciliation of Adjusted Pretax Operating Income (Loss) to Consolidated Pretax Income	The reconciliation of adjusted pretax operating income (loss) for our reportable segment to consolidated pretax income is as follows. Reconciliation of adjusted pretax operating income (loss) to consolidated pretax income Three Months Ended Nine Months Ended (In thousands) 2024 2023 2024 2023 Mortgage Insurance adjusted pretax operating income (1) $ 203,543 $ 219,229 $ 612,156 $ 632,027 Reconciling items All Other adjusted pretax operating income (loss) ( 4,875 ) ( 8,774 ) ( 17,988 ) ( 37,334 ) Net gains (losses) on investments and other financial instruments (2) 6,785 ( 8,838 ) 2,454 ( 3,664 ) Amortization and impairment of goodwill and other acquired intangible assets — ( 1,371 ) — ( 4,112 ) Impairment of other long-lived assets and other non-operating items (3) ( 10,061 ) 737 ( 14,458 ) 753 Consolidated pretax income $ 195,392 $ 200,983 $ 582,164 $ 587,670 (1) Includes allocated corporate operating expenses and depreciation expense as follows. Three Months Ended Nine Months Ended (In thousands) 2024 2023 2024 2023 Allocated corporate operating expenses (a) $ 32,533 $ 31,744 $ 110,239 $ 103,654 Direct depreciation expense 2,003 1,995 5,995 6,164 (a) Includes immaterial allocated depreciation expense for the three and nine months ended September 30, 2024 and 2023. (2) Excludes net gains (losses) on investments and other financial instruments that are attributable to our Mortgage Conduit business, which are included in adjusted pretax operating income (loss). (3) The non-operating loss for the three and nine months ended September 30, 2024, primarily relates to impairment of internal-use software, due to a strategic decision made in the third quarter of 2024 to discontinue the use and offering of a particular product, which resulted in the full impairment of the remaining capitalized costs for this asset.
Schedule of Reconciliation of Reportable Segment Revenues to Total Revenues	The reconciliation of revenues for our reportable segment to consolidated revenues is as follows. Reconciliation of reportable segment revenues to total revenues Three Months Ended Nine Months Ended (In thousands) 2024 2023 2024 2023 Mortgage Insurance revenues $ 287,572 $ 288,257 $ 858,578 $ 827,955 Reconciling items All Other (1) 39,605 32,328 113,733 87,090 Net gains (losses) on investments and other financial instruments 6,785 ( 8,838 ) 2,454 ( 3,664 ) Other non-operating revenue — 868 — 868 Elimination of inter-segment revenues ( 105 ) ( 102 ) ( 343 ) ( 305 ) Total revenues $ 333,857 $ 312,513 $ 974,422 $ 911,944 (1) All Other total revenues include immaterial inter-segment revenues for the three and nine months ended September 30, 2024 and 2023 .
Schedule of Services Revenue	The table below, which represents total services revenue in our condensed consolidated statements of operations for the periods indicated, provides the disaggregation of services revenue by revenue type. Services revenue Three Months Ended Nine Months Ended (In thousands) 2024 2023 2024 2023 Mortgage Insurance Contract underwriting services $ 244 $ 266 $ 763 $ 886 All Other Real Estate Services Valuation 3,292 3,405 11,853 10,168 Single family rental 2,302 1,529 7,030 5,583 Asset management technology platform 1,193 1,199 3,616 3,574 Real estate owned asset management 1,082 887 3,331 2,687 Other real estate services 7 26 16 27 Title 3,427 2,964 9,540 8,751 Real Estate Technology 620 616 1,871 1,997 Total services revenue $ 12,167 $ 10,892 $ 38,020 $ 33,673

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following tables include a list of assets and liabilities that are measured at fair value by hierarchy level as of the dates indicated. Assets and liabilities carried at fair value by hierarchy level September 30, 2024 (In thousands) Level I Level II Level III Total Investments Fixed-maturities available for sale U.S. government and agency securities $ 127,300 $ 8,962 $ — $ 136,262 State and municipal obligations — 160,289 — 160,289 Corporate bonds and notes — 2,553,145 — 2,553,145 RMBS — 1,058,454 — 1,058,454 CMBS — 473,312 — 473,312 CLO — 467,761 — 467,761 Other ABS — 395,603 — 395,603 Mortgage insurance-linked notes (1) — 47,654 — 47,654 Total fixed-maturities available for sale 127,300 5,165,180 — 5,292,480 Trading securities State and municipal obligations — 53,592 — 53,592 Corporate bonds and notes — 25,465 — 25,465 RMBS — 5,346 — 5,346 CMBS — 4,869 — 4,869 Total trading securities — 89,272 — 89,272 Equity securities 135,556 3,615 6,546 145,717 Residential mortgage loans held for sale (2) — 529,517 — 529,517 Other invested assets (3) (4) — — 5,808 5,808 Short-term investments State and municipal obligations — 2,200 — 2,200 Money market instruments 318,929 — — 318,929 Corporate bonds and notes — 50,512 — 50,512 Other ABS — 9,789 — 9,789 Other investments (5) — 50,955 — 50,955 Total short-term investments 318,929 113,456 — 432,385 Total investments at fair value (4) 581,785 5,901,040 12,354 6,495,179 Other Derivative assets — 2,830 — 2,830 Mortgage servicing rights — — 1,714 1,714 Loaned securities (6) State and municipal obligations — 13 — 13 Corporate bonds and notes — 121,819 — 121,819 Other ABS — 1,206 — 1,206 Equity securities 18,576 — — 18,576 Securitized residential mortgage loans held for investment (2) — 353,078 — 353,078 Total assets at fair value (4) $ 600,361 $ 6,379,986 $ 14,068 $ 6,994,415 Liabilities Derivative liabilities (7) $ — $ 94 $ 2,748 $ 2,842 Securitized nonrecourse debt (2) — 344,904 — 344,904 Total liabilities at fair value $ — $ 344,998 $ 2,748 $ 347,746 (1) Includes mortgage insurance-linked notes purchased by Radian Group in connection with the XOL Program. See Note 8 for more information. (2) See Note 7 for more information about our residential mortgage loan activities, including our private label securitization program. (3) Consists primarily of interests in private debt and equity investments. (4) Does not include other invested assets of $ 2 million that are primarily invested in limited partnership investments valued using the net asset value as a practical expedient. (5) Comprises short-term certificates of deposit and commercial paper. (6) Securities loaned to third-party borrowers under securities lending agreements are classified as other assets on our condensed consolidated balance sheets. See Note 6 for more information on our securities lending agreements. (7) Level III derivative liabilities consist of embedded derivatives related to our XOL Program, which are classified as other liabilities on our condensed consolidated balance sheets. See Note 8 for more information. Assets and liabilities carried at fair value by hierarchy level December 31, 2023 (In thousands) Level I Level II Level III Total Investments Fixed-maturities available for sale U.S. government and agency securities $ 124,734 $ 9,859 $ — $ 134,593 State and municipal obligations — 142,785 — 142,785 Corporate bonds and notes — 2,511,905 — 2,511,905 RMBS — 1,014,071 — 1,014,071 CMBS — 558,383 — 558,383 CLO — 487,849 — 487,849 Other ABS — 284,559 — 284,559 Foreign government and agency securities — 5,087 — 5,087 Mortgage insurance-linked notes (1) — 48,996 — 48,996 Total fixed-maturities available for sale 124,734 5,063,494 — 5,188,228 Trading securities State and municipal obligations — 70,844 — 70,844 Corporate bonds and notes — 24,913 — 24,913 RMBS — 5,930 — 5,930 CMBS — 4,736 — 4,736 Total trading securities — 106,423 — 106,423 Equity securities 81,170 5,387 2,500 89,057 Residential mortgage loans held for sale (2) — 32,755 — 32,755 Other invested assets (3) (4) — — 7,196 7,196 Short-term investments State and municipal obligations — 2,700 — 2,700 Money market instruments 368,433 — — 368,433 Corporate bonds and notes — 150,930 — 150,930 CMBS — 1,347 — 1,347 Other ABS — 1,158 — 1,158 Other investments (5) — 135,998 — 135,998 Total short-term investments 368,433 292,133 — 660,566 Total investments at fair value (4) 574,337 5,500,192 9,696 6,084,225 Other Derivative assets (6) — 1,912 1 1,913 Loaned securities (7) U.S. government and agency securities 9,803 — — 9,803 Corporate bonds and notes — 117,992 — 117,992 Equity securities 75,898 — — 75,898 Total assets at fair value (4) $ 660,038 $ 5,620,096 $ 9,697 $ 6,289,831 Liabilities Derivative liabilities (6) $ — $ 817 $ 692 $ 1,509 Total liabilities at fair value $ — $ 817 $ 692 $ 1,509 (1) Includes mortgage insurance-linked notes purchased by Radian Group in connection with the XOL Program. See Note 8 for more information. (2) See Note 7 for more information about our residential mortgage loan activities. (3) Consists primarily of interests in private debt and equity investments. (4) Does not include other invested assets of $ 1 million that are primarily invested in limited partnership investments valued using the net asset value as a practical expedient. (5) Comprises short-term certificates of deposit and commercial paper. (6) Level III derivative assets and liabilities consist of embedded derivatives related to our XOL Program, which are classified as other assets and liabilities in our consolidated balance sheets. See Note 8 for more information. (7) Securities loaned to third-party borrowers under securities lending agreements are classified as other assets in our consolidated balance sheets. See Note 6 for more information.
Schedule of Liabilities Not Carried at Fair Value	The carrying value and estimated fair value of other selected assets and liabilities not carried at fair value on our condensed consolidated balance sheets were as follows as of the dates indicated. Financial instruments not carried at fair value September 30, 2024 December 31, 2023 (In thousands) Carrying Estimated Carrying Estimated Company-owned life insurance $ 109,980 $ 109,980 $ 106,417 $ 106,417 Senior notes 1,064,718 1,103,786 1,417,781 1,406,118 Secured borrowings FHLB advances $ 54,364 $ 54,435 $ 95,277 $ 95,348 Mortgage loan financing facilities 497,552 497,552 24,199 24,199 Total secured borrowings $ 551,916 $ 551,987 $ 119,476 $ 119,547

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2024
Investments [Abstract]
Schedule of Available for Sale Securities	Our available for sale securities within our investment portfolio consisted of the following as of the dates indicated. Available for sale securities September 30, 2024 (In thousands) Amortized Gross Gross Fair Value Fixed-maturities available for sale U.S. government and agency securities $ 160,871 $ 25 $ ( 24,634 ) $ 136,262 State and municipal obligations 172,140 645 ( 12,483 ) 160,302 Corporate bonds and notes 2,858,351 26,816 ( 210,302 ) 2,674,865 RMBS 1,111,244 14,870 ( 67,660 ) 1,058,454 CMBS 499,415 117 ( 26,220 ) 473,312 CLO 469,209 383 ( 1,831 ) 467,761 Other ABS 394,154 4,673 ( 2,018 ) 396,809 Mortgage insurance-linked notes (1) 45,571 2,083 — 47,654 Total securities available for sale, including loaned securities 5,710,955 $ 49,612 $ ( 345,148 ) (2) 5,415,419 Less: loaned securities (3) 127,381 122,939 Total fixed-maturities available for sale $ 5,583,574 $ 5,292,480 December 31, 2023 (In thousands) Amortized Gross Gross Fair Value Fixed-maturities available for sale U.S. government and agency securities $ 171,194 $ 93 $ ( 26,891 ) $ 144,396 State and municipal obligations 158,539 283 ( 16,037 ) 142,785 Corporate bonds and notes 2,876,175 12,286 ( 259,177 ) 2,629,284 RMBS 1,089,919 8,250 ( 84,098 ) 1,014,071 CMBS 605,029 51 ( 46,697 ) 558,383 CLO 494,339 63 ( 6,553 ) 487,849 Other ABS 286,988 1,608 ( 4,037 ) 284,559 Foreign government and agency securities 5,128 — ( 41 ) 5,087 Mortgage insurance-linked notes (1) 47,456 1,540 — 48,996 Total securities available for sale, including loaned securities 5,734,767 $ 24,174 $ ( 443,531 ) (2) 5,315,410 Less: loaned securities (3) 135,656 127,182 Total fixed-maturities available for sale $ 5,599,111 $ 5,188,228 (1) Includes mortgage insurance-linked notes purchased by Radian Group in connection with the XOL Program. See Note 8 for more information. (2) See “Gross Unrealized Losses and Related Fair Value of Available for Sale Securities” below for additional details. (3) Included in other assets on our condensed consolidated balance sheets. See “Loaned Securities” below for a discussion of our securities lending agreements.
Schedule of Unrealized Losses on Fixed-Maturities Available for Sale by Category and Length of Time	For securities deemed “available for sale” that are in an unrealized loss position and for which an allowance for credit loss has not been established, the following tables show the gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of the dates indicated. Included in the amounts as of September 30, 2024, and December 31, 2023, are loaned securities that are classified as other assets on our condensed consolidated balance sheets, as further described below. Unrealized losses on fixed-maturities available for sale by category and length of time September 30, 2024 Less Than 12 Months 12 Months or Greater Total (In thousands) Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized U.S. government and agency securities $ 5,103 $ ( 10 ) $ 120,876 $ ( 24,624 ) $ 125,979 $ ( 24,634 ) State and municipal obligations 17,690 ( 432 ) 86,609 ( 12,051 ) 104,299 ( 12,483 ) Corporate bonds and notes 135,130 ( 835 ) 1,700,938 ( 209,467 ) 1,836,068 ( 210,302 ) RMBS 35,229 ( 199 ) 606,366 ( 67,461 ) 641,595 ( 67,660 ) CMBS 12,822 ( 38 ) 449,697 ( 26,182 ) 462,519 ( 26,220 ) CLO 57,047 ( 120 ) 72,100 ( 1,711 ) 129,147 ( 1,831 ) Other ABS 27,690 ( 133 ) 47,061 ( 1,885 ) 74,751 ( 2,018 ) Total $ 290,711 $ ( 1,767 ) $ 3,083,647 $ ( 343,381 ) $ 3,374,358 $ ( 345,148 ) December 31, 2023 Less Than 12 Months 12 Months or Greater Total (In thousands) Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized U.S. government and agency securities $ 15,650 $ ( 938 ) $ 113,678 $ ( 25,953 ) $ 129,328 $ ( 26,891 ) State and municipal obligations 17,154 ( 551 ) 104,949 ( 15,486 ) 122,103 ( 16,037 ) Corporate bonds and notes 161,924 ( 1,261 ) 2,055,113 ( 257,916 ) 2,217,037 ( 259,177 ) RMBS 113,506 ( 1,439 ) 653,955 ( 82,659 ) 767,461 ( 84,098 ) CMBS 8,558 ( 31 ) 546,104 ( 46,666 ) 554,662 ( 46,697 ) CLO 15,083 ( 25 ) 438,294 ( 6,528 ) 453,377 ( 6,553 ) Other ABS 49,513 ( 322 ) 64,078 ( 3,715 ) 113,591 ( 4,037 ) Foreign government and agency securities — — 5,087 ( 41 ) 5,087 ( 41 ) Total $ 381,388 $ ( 4,567 ) $ 3,981,258 $ ( 438,964 ) $ 4,362,646 $ ( 443,531 )
Schedule of Contractual Maturities of Fixed-Maturities Available for Sale	The contractual maturities of fixed-maturities available for sale were as follows. Contractual maturities of fixed-maturities available for sale September 30, 2024 (In thousands) Amortized Cost Fair Value Due in one year or less $ 111,757 $ 110,762 Due after one year through five years (1) 1,178,043 1,152,612 Due after five years through 10 years (1) 965,508 920,061 Due after 10 years (1) 936,054 787,994 Asset-backed and mortgage-backed securities (2) 2,519,593 2,443,990 Total 5,710,955 5,415,419 Less: loaned securities 127,381 122,939 Total fixed-maturities available for sale $ 5,583,574 $ 5,292,480 (1) Actual maturities may differ as a result of calls before scheduled maturity. Includes RMBS, CMBS, CLO, Other ABS and mortgage insurance-linked notes, which are not due at a single maturity date.
Schedule of Net Investment Income	Net investment income consisted of the following. Net investment income Three Months Ended Nine Months Ended (In thousands) 2024 2023 2024 2023 Investment income Fixed-maturities $ 59,348 $ 58,599 $ 174,531 $ 167,985 Equity securities 3,047 3,222 8,653 9,667 Mortgage loans held for sale (1) 7,828 1,719 15,032 2,487 Short-term investments 9,686 5,405 27,258 12,969 Other (2) 1,525 1,308 4,626 3,633 Gross investment income 81,434 70,253 230,100 196,741 Investment expenses (2) ( 3,038 ) ( 2,448 ) ( 8,717 ) ( 7,135 ) Net investment income $ 78,396 $ 67,805 $ 221,383 $ 189,606 (1) See Note 7 for additional information on our mortgage loans held for sale. (2) Includes the impact from our securities lending activities. Investment expenses also include other investment management expenses.
Schedule of Net Gains (Losses) on Investments and Other Financial Instruments	Net gains (losses) on investments and other financial instruments consisted of the following. Net gains (losses) on investments and other financial instruments Three Months Ended Nine Months Ended (In thousands) 2024 2023 2024 2023 Net realized gains (losses) on investments sold or redeemed (1) Fixed-maturities available for sale Gross realized gains $ 2,021 $ 20 $ 2,652 $ 588 Gross realized losses ( 1,323 ) ( 2,814 ) ( 8,472 ) ( 13,768 ) Fixed-maturities available for sale, net 698 ( 2,794 ) ( 5,820 ) ( 13,180 ) Trading securities ( 496 ) — ( 686 ) ( 402 ) Equity securities 2,156 — 2,162 1,890 Other investments 51 19 52 56 Net realized gains (losses) on investments sold or redeemed (1) 2,409 ( 2,775 ) ( 4,292 ) ( 11,636 ) Change in unrealized gains (losses) on investments sold or redeemed (1) ( 2,022 ) 9 ( 690 ) 226 Impairment losses due to intent to sell ( 131 ) — ( 369 ) — Net unrealized gains (losses) on investments still held (1) Trading securities 3,926 ( 5,632 ) 988 ( 4,494 ) Equity securities 2,585 290 4,739 4,991 Other investments 101 ( 1 ) 102 ( 97 ) Net unrealized gains (losses) on investments still held (1) 6,612 ( 5,343 ) 5,829 400 Total net gains (losses) on investments (1) 6,868 ( 8,109 ) 478 ( 11,010 ) Net gains (losses) on mortgage loans held for sale (Note 7) (2) ( 4,611 ) 284 ( 4,277 ) 459 Net gains (losses) on other financial instruments (1) (3) ( 83 ) ( 730 ) 1,976 7,345 Net gains (losses) on investments and other financial instruments $ 2,174 $ ( 8,555 ) $ ( 1,823 ) $ ( 3,206 ) (1) Excludes activities related to our mortgage loans held for sale. See Note 7 for additional information. (2) Includes realized and unrealized net gains (losses) on mortgage loans held for sale and related activities, including interest rate hedges. See Note 7 for additional details. Includes changes in the fair value of embedded derivatives associated with our XOL Program. See Note 8 for additional information.

Residential Mortgage Loans (Tab

Residential Mortgage Loans (Tables)	9 Months Ended
	Sep. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Derivative Instruments Used to Hedge Mortgage Loan Activity	The following table reflects the outstanding derivative instruments related to our mortgage loan activity as of the dates indicated. Derivative instruments September 30, 2024 December 31, 2023 Fair Value Fair Value (In thousands) Notional (1) Derivative Derivative Notional (1) Derivative Derivative Forward mortgage loan purchase commitments $ 267,644 $ 1,286 $ — $ 83,962 $ 708 $ — Hedging instruments (2) Forward RMBS purchase contracts (3) $ 274,000 $ 221 $ 94 $ 51,100 $ 715 $ 817 Interest rate swap futures contracts (4) 51,500 1,323 — 7,300 489 — (1) Notional amounts provide an indication of the volume of the Company’s derivative capacity. The notional amount is the face amount of our contracts and does not represent our exposure to credit loss and therefore is not reflected on our condensed consolidated balance sheets. (2) All of the derivatives used for hedging purposes are interest rate derivatives subject to master netting agreements and are considered economic hedges. (3) Derivative assets include cash collateral receivables of $ 1 million and $ 715 thousand as of September 30, 2024, and December 31, 2023, respectively . (4) Derivative assets include cash collateral receivables of $ 2 million and $ 720 thousand as of September 30, 2024, and December 31, 2023, respectively .
Schedule of Net Gains (Losses) on Residential Mortgage Loans Held for Sale Related Derivatives	The impact to net gains (losses) on investments and other financial instruments from our residential mortgage loans held for sale and related hedging activities was as follows. Net gains (losses) on residential mortgage loans held for sale Three Months Ended Nine Months Ended (In thousands) 2024 2023 2024 2023 Net realized gains (losses) Mortgage loans held for sale (1) $ ( 2,819 ) $ ( 89 ) $ ( 4,008 ) $ ( 80 ) Mortgage loans held for sale hedging activities ( 11,451 ) 358 ( 8,706 ) 319 Total realized gains (losses) ( 14,270 ) 269 ( 12,714 ) 239 Mortgage loan servicing rights resulting from loan sales 758 — 2,256 — Change in unrealized gains (losses) on mortgage loans held for sale and related derivatives sold or redeemed 2,640 ( 246 ) ( 271 ) ( 23 ) Unrealized gains (losses) on mortgage loans held for sale and related derivatives still held Mortgage loans held for sale (2) 6,852 ( 1,728 ) 7,043 ( 1,746 ) Mortgage loans held for sale hedging activities ( 591 ) 1,989 ( 591 ) 1,989 Total net unrealized gains (losses) 6,261 261 6,452 243 Net gains (losses) on residential mortgage loans held for sale $ ( 4,611 ) $ 284 $ ( 4,277 ) $ 459 (1) Includes net gains (losses) on residential mortgage loans held for sale through the date of transfer to a securitization trust, if applicable. See “Securitized Residential Mortgage Loans Held for Investment” below for information on subsequent gains (losses) for those securitized loans. (2) Includes net gains (losses) on mortgage loan commitments accounted for as derivatives prior to settlement. Net investment income earned on our residential mortgage loans held for sale and interest expense incurred on our mortgage loan financing facilities consisted of the following. Net interest on residential mortgage loans held for sale Three Months Ended Nine Months Ended (In thousands) 2024 2023 2024 2023 Interest income $ 7,828 $ 1,719 $ 15,032 $ 2,487 Interest expense ( 7,500 ) ( 1,609 ) ( 14,045 ) ( 2,086 ) Net interest on residential mortgage loans held for sale $ 328 $ 110 $ 987 $ 401
Schedule of Components of Income (Loss) on Consolidated VIEs	The following table details the components of income (loss) on consolidated VIEs for the three and nine months ended September 30, 2024. There was no activity prior to these periods. Income (loss) on consolidated VIEs Three Months Ended Nine Months Ended (In thousands) 2024 2024 Net change in fair value of VIE assets and liabilities reported under the fair value option $ 265 $ 265 Interest income 4,039 4,039 Interest expense ( 3,682 ) ( 3,682 ) Other expenses ( 157 ) ( 157 ) Total income (loss) on consolidated VIEs $ 465 $ 465

Reinsurance (Tables)

Reinsurance (Tables)	9 Months Ended
	Sep. 30, 2024
Reinsurance Disclosures [Abstract]
Schedule of Reinsurance Impacts on Net Premiums Written and Earned	The effect of all of our reinsurance programs on our net income is as follows. Reinsurance impacts on net premiums written and earned Net Premiums Written Net Premiums Earned Three Months Ended Nine Months Ended Three Months Ended Nine Months Ended (In thousands) 2024 2023 2024 2023 2024 2023 2024 2023 Direct Mortgage insurance $ 255,422 $ 247,941 $ 758,245 $ 736,173 $ 263,509 $ 258,207 $ 785,634 $ 771,251 Title insurance 4,079 3,561 9,030 8,246 4,079 3,561 9,030 8,246 Total direct 259,501 251,502 767,275 744,419 267,588 261,768 794,664 779,497 Ceded Mortgage insurance (1) ( 21,774 ) ( 12,771 ) ( 60,075 ) ( 57,044 ) ( 28,365 ) ( 21,406 ) ( 81,673 ) ( 92,268 ) Title insurance ( 90 ) ( 100 ) ( 270 ) ( 300 ) ( 90 ) ( 100 ) ( 270 ) ( 300 ) Total ceded (1) ( 21,864 ) ( 12,871 ) ( 60,345 ) ( 57,344 ) ( 28,455 ) ( 21,506 ) ( 81,943 ) ( 92,568 ) Total net premiums $ 237,637 $ 238,631 $ 706,930 $ 687,075 $ 239,133 $ 240,262 $ 712,721 $ 686,929 (1) Net of profit commission, which is impacted by the level of ceded losses recoverable, if any, on reinsurance transactions. See Note 11 for additional information on our reserve for losses and reinsurance recoverable. The nine months ended September 30, 2023, include a $ 21 million increase in ceded premiums related to the tender offers that were completed in the second quarter of 2023 by Eagle Re 2019-1 Ltd. and Eagle Re 2020-1 Ltd. to purchase the mortgage insurance-linked notes issued by such entities. Other reinsurance impacts Three Months Ended Nine Months Ended (In thousands) 2024 2023 2024 2023 Ceding commissions earned (1) $ 6,672 $ 5,650 $ 19,130 $ 15,953 Ceded losses (2) 3,161 1,289 8,360 ( 1,095 ) (1) Ceding commissions earned are related to mortgage insurance and are included as an offset to expenses primarily in other operating expenses in our condensed consolidated statements of operations. Deferred ceding commissions of $ 16 million and $ 20 million are included in other liabilities on our condensed consolidated balance sheets at September 30, 2024, and December 31, 2023, respectively. (2) Ceded losses are primarily related to mortgage insurance.
Schedule of Single Premium QSR Program	The following table sets forth additional details regarding the QSR Program, with RIF ceded as of the dates indicated. QSR Program (1) 2024 QSR Agreement 2023 QSR Agreement 2022 QSR Agreement 2020 Single Premium QSR Agreement 2018 Single Premium QSR Agreement 2016 Single Premium QSR Agreement NIW policy dates Jul 1, 2024- Jul 1, 2023- Jan 1, 2022- Jan 1, 2020- Jan 1, 2018- Jan 1, 2012- Effective date Jul 1, 2024 Jul 1, 2023 Jul 1, 2022 Jan 1, 2020 Jan 1, 2018 Jan 1, 2016 Scheduled termination date Jun 30, 2035 Jun 30, 2034 Jun 30, 2033 Dec 31, 2031 Dec 31, 2029 Dec 31, 2027 Optional termination date (2) Jul 1, 2028 Jul 1, 2027 Jul 1, 2026 Jan 1, 2024 Jan 1, 2022 Jan 1, 2020 Quota share % 25 % 22.5 % 20 % 65 % 65 % 18 % - 57 % Ceding commission % 20 % 20 % 20 % 25 % 25 % 25 % Profit commission % Up to 59 % Up to 55 % Up to 59 % Up to 56 % Up to 56 % Up to 55 % (In millions) September 30, 2024 RIF ceded $ 834 $ 2,638 $ 4,178 $ 1,587 $ 680 $ 904 (In millions) December 31, 2023 RIF ceded $ — $ 1,366 $ 4,454 $ 1,783 $ 739 $ 982 (1) Excludes the 2012 QSR Agreements, for which RIF ceded is no longer material. (2) Radian Guaranty has the option, based on certain conditions and subject to a termination fee, to terminate any of the agreements at the end of any calendar quarter on or after the applicable optional termination date. If Radian Guaranty exercises this option in the future, it would result in Radian Guaranty reassuming the related RIF in exchange for a net payment to the reinsurers calculated in accordance with the terms of the applicable agreement. Radian Guaranty also may terminate any of the agreements prior to the scheduled termination date under certain circumstances, including if one or both of the GSEs no longer grant full PMIERs credit for the reinsurance.
Schedule of Excess-of-Loss Program	The following tables set forth additional details regarding the XOL Program, with RIF, remaining coverage and first layer retention as of the dates indicated. XOL Program Mortgage Insurance-linked Notes (1) Traditional Reinsurance (In millions) Eagle Re Eagle Re Eagle Re (2) 2023 XOL Issued October November April October NIW policy dates Apr 1, 2022- Jan 1, 2021- Aug 1, 2020- Oct 1, 2021- Initial RIF $ 8,782 $ 10,758 $ 11,061 $ 8,002 Initial coverage 353 484 498 246 Initial first layer retention 287 242 221 240 (In millions) September 30, 2024 RIF $ 8,139 $ 6,611 $ 5,267 $ 7,067 Remaining coverage 344 274 178 184 First layer retention 286 241 221 240 (In millions) December 31, 2023 RIF $ 8,659 $ 7,651 $ 6,227 $ 7,814 Remaining coverage 353 355 250 226 First layer retention 287 242 221 240 (1) Excludes Eagle Re 2020-1 Ltd., which as further discussed above, was terminated in March 2024. (2) Radian Group purchased $ 45 million of Eagle Re 2021-1 Ltd. outstanding principal amounts of the respective mortgage insurance-linked notes issued in connection with that reinsurance transaction. On our condensed consolidated balance sheet at September 30, 2024 , these notes are included either in fixed-maturities available for sale or, if included in our securities lending program, in other assets. See Notes 5 and 6 for additional information.
Schedule of VIE Assets	The following table presents the total VIE assets and liabilities of the Eagle Re Issuers as of the dates indicated. Total VIE assets and liabilities of Eagle Re Issuers (1) (In thousands) September 30, December 31, Eagle Re 2023-1 Ltd. $ 344,396 $ 353,077 Eagle Re 2021-2 Ltd. 273,905 354,947 Eagle Re 2021-1 Ltd. 177,655 250,268 Eagle Re 2020-1 Ltd. — 6,617 Total $ 795,956 $ 964,909 (1) Assets held by the Eagle Re Issuers are required to be invested in U.S. government money market funds, cash or U.S. Treasury securities. Liabilities of the Eagle Re Issuers consist of their mortgage insurance-linked notes, as described above. Assets and liabilities are equal to each other for each of the Eagle Re Issuers.

Other Assets (Tables)

Other Assets (Tables)	9 Months Ended
	Sep. 30, 2024
Other Assets [Abstract]
Schedule of Other Assets	The following table shows the components of other assets as of the dates indicated. Other assets (In thousands) September 30, December 31, Loaned securities (Notes 5 and 6) $ 141,614 $ 203,693 Company-owned life insurance (1) 109,980 106,417 Prepaid reinsurance premiums (2) 78,845 100,443 Other 54,227 49,252 Total other assets $ 384,666 $ 459,805 (1) We are the beneficiary of insurance policies on the lives of certain of our current and past officers and employees. The balances reported in other assets reflect the amounts that could be realized upon surrender of the insurance policies as of each respective date. (2) Relates primarily to our Single Premium QSR Program.

Losses and LAE (Tables)

Losses and LAE (Tables)	9 Months Ended
	Sep. 30, 2024
Insurance Loss Reserves [Abstract]
Schedule of Reserve for Losses and LAE by Segment	Our reserve for losses and LAE consisted of the following as of the dates indicated. Reserve for losses and LAE (In thousands) September 30, December 31, Primary case $ 337,025 $ 344,235 Primary IBNR and LAE 11,844 12,177 Pool and other 8,085 8,511 Mortgage insurance 356,954 364,923 Title insurance 6,271 5,225 Total reserve for losses and LAE $ 363,225 $ 370,148
Schedule of Provision for Losses	Provision for losses consisted of the following. Provision for losses Three Months Ended Nine Months Ended (In thousands) 2024 2023 2024 2023 Mortgage insurance $ 6,346 $ ( 8,257 ) $ ( 2,309 ) $ ( 46,744 ) Title insurance 543 122 419 48 Total provision for losses $ 6,889 $ ( 8,135 ) $ ( 1,890 ) $ ( 46,696 )
Schedule of Mortgage Insurance Reserve for Losses and LAE Rollforward	For the periods indicated, the following table presents information relating to our mortgage insurance reserve for losses, including our IBNR reserve and LAE. Rollforward of mortgage insurance reserve for losses Nine Months Ended (In thousands) 2024 2023 Balance at beginning of period $ 364,923 $ 420,955 Less: Reinsurance recoverables (1) 25,074 24,727 Balance at beginning of period, net of reinsurance recoverables 339,849 396,228 Add: Losses and LAE incurred in respect of default notices reported and unreported in: Current year (2) 151,497 130,740 Prior years ( 153,806 ) ( 177,483 ) Total incurred ( 2,309 ) ( 46,743 ) Deduct: Paid claims and LAE related to: Current year (2) 359 204 Prior years 11,937 10,712 Total paid 12,296 10,916 Balance at end of period, net of reinsurance recoverables 325,244 338,569 Add: Reinsurance recoverables (1) 31,710 23,269 Balance at end of period $ 356,954 $ 361,838 (1) Related to ceded losses recoverable, if any, on reinsurance transactions. See Note 8 for additional information. (2) Related to underlying defaulted loans with a most recent default notice dated in the year indicated. For example, if a loan had defaulted in a prior year, but then subsequently cured and later re-defaulted in the current year, that default would be considered a current year default.

Borrowings and Financing Acti_2

Borrowings and Financing Activities (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Debt	he carrying value of our debt, excluding our securitized nonrecourse debt related to consolidated VIEs as discussed in Note 7, was as follows. Borrowings ($ in thousands) Interest rate September 30, December 31, Senior notes Senior Notes due 2024 4.500 % $ — $ 449,037 Senior Notes due 2025 6.625 % — 522,343 Senior Notes due 2027 4.875 % 447,191 446,401 Senior Notes due 2029 6.200 % 617,527 — Total senior notes $ 1,064,718 $ 1,417,781 ($ in thousands) Average (1) September 30, December 31, Secured borrowings FHLB advances FHLB advances due 2024 (2) 4.776 % $ 31,958 $ 72,871 FHLB advances due 2025 2.340 % 12,684 12,684 FHLB advances due 2026 4.469 % 1,835 1,835 FHLB advances due 2027 2.562 % 7,887 7,887 Total FHLB advances 54,364 95,277 Mortgage loan financing facilities 6.507 % 497,552 24,199 Total secured borrowings $ 551,916 $ 119,476 (1) As of September 30, 2024. See “FHLB Advances” and “Mortgage Loan Financing Facilities” below for more information. (2) Includes 5.602 % as of December 31, 2023 , which resets daily based on changes in SOFR.
Schedule of Interest Expense	Interest expense consisted of the following. Interest expense Three Months Ended Nine Months Ended (In thousands) 2024 2023 2024 2023 Senior notes $ 20,945 $ 20,320 $ 64,229 $ 60,911 Mortgage loan financing facilities 7,500 1,609 14,045 2,086 Loss on extinguishment of debt — — 4,275 — FHLB advances 538 1,039 2,027 2,395 Revolving credit facility 408 310 925 1,020 Other — 4 — 114 Total interest expense $ 29,391 $ 23,282 $ 85,501 $ 66,526

Capital Stock (Tables)

Capital Stock (Tables)	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Schedule of Rollforward of Common Stock	The following table shows the year-to-date changes in common stock outstanding for each of the periods indicated. Common stock outstanding (In thousands) September 30, December 31, Balance at beginning of period 153,179 157,056 Shares repurchased under share repurchase programs ( 4,801 ) ( 5,264 ) Issuance of common stock under incentive and benefit plans, net of shares withheld for employee taxes 1,398 1,387 Balance at end of period 149,776 153,179
Schedule of Dividends Declared and Paid	The following table presents the amount of dividends declared and paid, on a per share basis, for each quarter and annual period as indicated. Dividends declared and paid 2024 2023 Quarter ended March 31 $ 0.245 $ 0.225 June 30 0.245 0.225 September 30 0.245 0.225 December 31 N/A 0.225 Total annual dividends per share declared and paid $ 0.735 $ 0.900
Schedule of Roll forward of RSUs	Information with regard to RSUs to be settled in stock for the periods indicated is as follows. Rollforward of RSUs Performance-Based Time-Vested Number of Weighted Average Number of Weighted Average Outstanding, December 31, 2023 (1) 2,970,874 $ 18.28 1,786,615 $ 18.16 Granted (2) 484,480 29.32 410,733 31.46 Performance adjustment (3) 557,957 — — — Vested (4) ( 1,344,579 ) 14.50 ( 566,494 ) 20.62 Forfeited ( 28,423 ) 27.00 ( 12,999 ) 27.54 Outstanding, September 30, 2024 (1) 2,640,309 $ 22.57 1,617,855 $ 20.60 (1) Outstanding RSUs represent shares that have not yet been issued because not all conditions necessary to earn the right to benefit from the instruments have been satisfied. For performance-based awards, the final number of RSUs distributed depends on: (i) the cumulative growth in Radian’s book value per share adjusted for certain defined items over the respective three-year performance period and, for the performance-based RSUs granted in 2023 and 2024, a modifier based on a comparison of our total shareholder return to the total shareholder return of certain of our peers and (ii) with the exception of certain retirement-eligible employees, continued service through the vesting date, which could result in changes to the number of vested RSUs. (2) For performance-based RSUs, amount represents the number of target shares at grant date. (3) For performance-based RSUs, amount represents the difference between the number of shares vested at settlement, which can range from 0 to 200 % of target depending on results over the applicable performance periods, and the number of target shares at the grant date. (4) Represents amounts vested during the period, including the impact of performance adjustments for performance-based awards.

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	9 Months Ended
	Sep. 30, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	The following tables show the rollforward of accumulated other comprehensive income (loss) as of the periods indicated. Rollforward of accumulated other comprehensive income (loss) Three Months Ended Nine Months Ended (In thousands) Before Tax Net of Before Tax Net of Balance at beginning of period $ ( 477,610 ) $ ( 100,299 ) $ ( 377,311 ) $ ( 418,799 ) $ ( 87,948 ) $ ( 330,851 ) Other comprehensive income (loss) Unrealized holding gains (losses) on investments arising during the period for which an allowance for expected credit losses has not been recognized 183,113 38,454 144,659 117,633 24,703 92,930 Less: Reclassification adjustment for net gains (losses) on investments included in net income (1) Net realized gains (losses) on disposals and non-credit related impairment losses 567 119 448 ( 6,188 ) ( 1,299 ) ( 4,889 ) Net unrealized gains (losses) on investments 182,546 38,335 144,211 123,821 26,002 97,819 Other adjustments to comprehensive income (loss), net — — — ( 86 ) ( 18 ) ( 68 ) Other comprehensive income (loss) 182,546 38,335 144,211 123,735 25,984 97,751 Balance at end of period $ ( 295,064 ) $ ( 61,964 ) $ ( 233,100 ) $ ( 295,064 ) $ ( 61,964 ) $ ( 233,100 ) Three Months Ended Nine Months Ended (In thousands) Before Tax Net of Before Tax Net of Balance at beginning of period $ ( 536,312 ) $ ( 112,626 ) $ ( 423,686 ) $ ( 578,228 ) $ ( 121,429 ) $ ( 456,799 ) Other comprehensive income (loss) Unrealized holding gains (losses) on investments arising during the period for which an allowance for expected credit losses has not been recognized ( 126,080 ) ( 26,477 ) ( 99,603 ) ( 94,777 ) ( 19,903 ) ( 74,874 ) Less: Reclassification adjustment for net gains (losses) on investments included in net income (1) Net realized gains (losses) on disposals and non-credit related impairment losses ( 2,794 ) ( 587 ) ( 2,207 ) ( 13,180 ) ( 2,768 ) ( 10,412 ) Net unrealized gains (losses) on investments ( 123,286 ) ( 25,890 ) ( 97,396 ) ( 81,597 ) ( 17,135 ) ( 64,462 ) Other adjustments to comprehensive income, net — — — 227 48 179 Other comprehensive income (loss) ( 123,286 ) ( 25,890 ) ( 97,396 ) ( 81,370 ) ( 17,087 ) ( 64,283 ) Balance at end of period $ ( 659,598 ) $ ( 138,516 ) $ ( 521,082 ) $ ( 659,598 ) $ ( 138,516 ) $ ( 521,082 ) (1) Included in net gains (losses) on investments and other financial instruments in our condensed consolidated statements of operations.

Statutory Information (Tables)

Statutory Information (Tables)	9 Months Ended
	Sep. 30, 2024
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Abstract]
Schedule of Statutory Net Income (Loss) and Statutory Policyholders' Surplus	Our insurance subsidiaries’ statutory net income (loss) for the periods indicated, and statutory policyholders’ surplus as of the dates indicated, were as follows. Statutory net income (loss) Nine Months Ended (In thousands) 2024 2023 Radian Guaranty $ 588,122 $ 599,781 Other mortgage insurance subsidiaries ( 1,295 ) ( 383 ) Radian Title Insurance 1,438 1,306 Statutory policyholders’ surplus (In thousands) September 30, December 31, Radian Guaranty $ 691,147 $ 619,584 Other mortgage insurance subsidiaries 16,567 17,444 Radian Title Insurance 42,379 41,108

Description of Business - Addit

Description of Business - Additional Information (Details) $ in Billions	9 Months Ended
	Sep. 30, 2024 USD ($) Segment	Dec. 31, 2023 USD ($)
Business Overview [Abstract]
Number of reportable business segments | Segment	1
Mortgage Insurance revenues
Business Overview [Abstract]
Down payment purchase price (percent)	20%
Equity in home (percent)	20%
Direct primary mortgage insurance in force	$ 274.7	$ 270
Direct primary mortgage insurance risk in force	$ 71.8	$ 69.7

Net Income Per Share - Schedule

Net Income Per Share - Schedule of Net Income Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income—basic	$ 151,892	$ 156,582	$ 456,149	$ 460,426
Net income—diluted	$ 151,892	$ 156,582	$ 456,149	$ 460,426
Average common shares outstanding—basic (in shares)	151,846	158,461	153,199	158,992
Dilutive effect of share-based compensation arrangements (in shares)	1,227	1,686	1,408	1,877
Adjusted average common shares outstanding—diluted (in shares)	153,073	160,147	154,607	160,869
Net income per share
Basic (in usd per share)	$ 1	$ 0.99	$ 2.98	$ 2.9
Diluted (in usd per share)	$ 0.99	$ 0.98	$ 2.95	$ 2.86
Stock Compensation Plan
Net income per share
Shares of common stock equivalents (in shares)	0	0	5	100

Segment Reporting - Additional

Segment Reporting - Additional Information (Details)	9 Months Ended
	Sep. 30, 2024 Segment
Segment Reporting Information [Line Items]
Number of reportable business segments	1

Segment Reporting - Adjusted Pr

Segment Reporting - Adjusted Pretax Operating Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net gains (losses) on investments and other financial instruments	$ 2,174	$ (8,555)	$ (1,823)	$ (3,206)
Pretax income	195,392	200,983	582,164	587,670
Corporate, Non-Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
All Other adjusted pretax operating income (loss)	(4,875)	(8,774)	(17,988)	(37,334)
Segment Reconciling Items
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net gains (losses) on investments and other financial instruments	6,785	(8,838)	2,454	(3,664)
Amortization and impairment of goodwill and other acquired intangible assets	0	(1,371)	0	(4,112)
Impairment of other long-lived assets and other non-operating items	(10,061)	737	(14,458)	753
Mortgage Insurance revenues
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Allocated corporate operating expenses	32,533	31,744	110,239	103,654
Direct depreciation expense	2,003	1,995	5,995	6,164
Mortgage Insurance revenues | Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
All Other adjusted pretax operating income (loss)	$ 203,543	$ 219,229	$ 612,156	$ 632,027

Segment Reporting - Revenues (D

Segment Reporting - Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total revenues	$ 333,857	$ 312,513	$ 974,422	$ 911,944
Net gains (losses) on investments and other financial instruments	2,174	(8,555)	(1,823)	(3,206)
Other non-operating revenue	0	868	0	868
All Other
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total revenues	39,605	32,328	113,733	87,090
Operating Segments | Mortgage Insurance revenues
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total revenues	287,572	288,257	858,578	827,955
Segment Reconciling Items
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net gains (losses) on investments and other financial instruments	6,785	(8,838)	2,454	(3,664)
Intersegment Eliminations
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total revenues	$ (105)	$ (102)	$ (343)	$ (305)

Segment Reporting - Services Re

Segment Reporting - Services Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Total services revenue	$ 12,167	$ 10,892	$ 38,020	$ 33,673
Contract underwriting services
Segment Reporting Information [Line Items]
Total services revenue	244	266	763	886
Valuation
Segment Reporting Information [Line Items]
Total services revenue	3,292	3,405	11,853	10,168
Single family rental
Segment Reporting Information [Line Items]
Total services revenue	2,302	1,529	7,030	5,583
Asset management technology platform
Segment Reporting Information [Line Items]
Total services revenue	1,193	1,199	3,616	3,574
Real estate owned asset management
Segment Reporting Information [Line Items]
Total services revenue	1,082	887	3,331	2,687
Other real estate services
Segment Reporting Information [Line Items]
Total services revenue	7	26	16	27
Title
Segment Reporting Information [Line Items]
Total services revenue	3,427	2,964	9,540	8,751
Real Estate Technology
Segment Reporting Information [Line Items]
Total services revenue	$ 620	$ 616	$ 1,871	$ 1,997

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value by Hierarchy Level (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loaned securities	$ 141,614	$ 203,693
Securitized residential mortgage loans held for investment at fair value	353,078
Securitized nonrecourse debt	344,904
Other invested assets—at fair value	7,809	8,625
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	6,495,179	6,084,225
Derivative assets	2,830	1,913
Mortgage servicing rights	1,714
Securitized residential mortgage loans held for investment at fair value	353,078
Total assets at fair value	6,994,415	6,289,831
Derivative Liabilities	2,842	1,509
Securitized nonrecourse debt	344,904
Total liabilities at fair value	347,746	1,509
Level I | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	581,785	574,337
Derivative assets	0	0
Mortgage servicing rights	0
Securitized residential mortgage loans held for investment at fair value	0
Total assets at fair value	600,361	660,038
Derivative Liabilities	0	0
Securitized nonrecourse debt	0
Total liabilities at fair value	0	0
Level II | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	5,901,040	5,500,192
Derivative assets	2,830	1,912
Mortgage servicing rights	0
Securitized residential mortgage loans held for investment at fair value	353,078
Total assets at fair value	6,379,986	5,620,096
Derivative Liabilities	94	817
Securitized nonrecourse debt	344,904
Total liabilities at fair value	344,998	817
Level III | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	12,354	9,696
Derivative assets	0	1
Mortgage servicing rights	1,714
Securitized residential mortgage loans held for investment at fair value	0
Total assets at fair value	14,068	9,697
Derivative Liabilities	2,748	692
Securitized nonrecourse debt	0
Total liabilities at fair value	2,748	692
Loaned securities | Fair Value, Measurements, Recurring | U.S. government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loaned securities		9,803
Loaned securities | Fair Value, Measurements, Recurring | State and municipal obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loaned securities	13
Loaned securities | Fair Value, Measurements, Recurring | Corporate bonds and notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loaned securities	121,819	117,992
Loaned securities | Fair Value, Measurements, Recurring | Other ABS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loaned securities	1,206
Loaned securities | Level I | Fair Value, Measurements, Recurring | U.S. government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loaned securities		9,803
Loaned securities | Level I | Fair Value, Measurements, Recurring | State and municipal obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loaned securities	0
Loaned securities | Level I | Fair Value, Measurements, Recurring | Corporate bonds and notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loaned securities	0	0
Loaned securities | Level I | Fair Value, Measurements, Recurring | Other ABS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loaned securities	0
Loaned securities | Level II | Fair Value, Measurements, Recurring | U.S. government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loaned securities		0
Loaned securities | Level II | Fair Value, Measurements, Recurring | State and municipal obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loaned securities	13
Loaned securities | Level II | Fair Value, Measurements, Recurring | Corporate bonds and notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loaned securities	121,819	117,992
Loaned securities | Level II | Fair Value, Measurements, Recurring | Other ABS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loaned securities	1,206
Loaned securities | Level III | Fair Value, Measurements, Recurring | U.S. government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loaned securities		0
Loaned securities | Level III | Fair Value, Measurements, Recurring | State and municipal obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loaned securities	0
Loaned securities | Level III | Fair Value, Measurements, Recurring | Corporate bonds and notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loaned securities	0	0
Loaned securities | Level III | Fair Value, Measurements, Recurring | Other ABS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loaned securities	0
Fixed-maturities available for sale | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	5,292,480	5,188,228
Fixed-maturities available for sale | Fair Value, Measurements, Recurring | U.S. government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	136,262	134,593
Fixed-maturities available for sale | Fair Value, Measurements, Recurring | State and municipal obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	160,289	142,785
Fixed-maturities available for sale | Fair Value, Measurements, Recurring | Corporate bonds and notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	2,553,145	2,511,905
Fixed-maturities available for sale | Fair Value, Measurements, Recurring | RMBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	1,058,454	1,014,071
Fixed-maturities available for sale | Fair Value, Measurements, Recurring | CMBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	473,312	558,383
Fixed-maturities available for sale | Fair Value, Measurements, Recurring | CLO
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	467,761	487,849
Fixed-maturities available for sale | Fair Value, Measurements, Recurring | Other ABS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	395,603	284,559
Fixed-maturities available for sale | Fair Value, Measurements, Recurring | Foreign government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value		5,087
Fixed-maturities available for sale | Fair Value, Measurements, Recurring | Mortgage insurance-linked notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	47,654	48,996
Fixed-maturities available for sale | Level I | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	127,300	124,734
Fixed-maturities available for sale | Level I | Fair Value, Measurements, Recurring | U.S. government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	127,300	124,734
Fixed-maturities available for sale | Level I | Fair Value, Measurements, Recurring | State and municipal obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	0	0
Fixed-maturities available for sale | Level I | Fair Value, Measurements, Recurring | Corporate bonds and notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	0	0
Fixed-maturities available for sale | Level I | Fair Value, Measurements, Recurring | RMBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	0	0
Fixed-maturities available for sale | Level I | Fair Value, Measurements, Recurring | CMBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	0	0
Fixed-maturities available for sale | Level I | Fair Value, Measurements, Recurring | CLO
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	0	0
Fixed-maturities available for sale | Level I | Fair Value, Measurements, Recurring | Other ABS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	0	0
Fixed-maturities available for sale | Level I | Fair Value, Measurements, Recurring | Foreign government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value		0
Fixed-maturities available for sale | Level I | Fair Value, Measurements, Recurring | Mortgage insurance-linked notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	0	0
Fixed-maturities available for sale | Level II | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	5,165,180	5,063,494
Fixed-maturities available for sale | Level II | Fair Value, Measurements, Recurring | U.S. government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	8,962	9,859
Fixed-maturities available for sale | Level II | Fair Value, Measurements, Recurring | State and municipal obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	160,289	142,785
Fixed-maturities available for sale | Level II | Fair Value, Measurements, Recurring | Corporate bonds and notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	2,553,145	2,511,905
Fixed-maturities available for sale | Level II | Fair Value, Measurements, Recurring | RMBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	1,058,454	1,014,071
Fixed-maturities available for sale | Level II | Fair Value, Measurements, Recurring | CMBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	473,312	558,383
Fixed-maturities available for sale | Level II | Fair Value, Measurements, Recurring | CLO
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	467,761	487,849
Fixed-maturities available for sale | Level II | Fair Value, Measurements, Recurring | Other ABS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	395,603	284,559
Fixed-maturities available for sale | Level II | Fair Value, Measurements, Recurring | Foreign government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value		5,087
Fixed-maturities available for sale | Level II | Fair Value, Measurements, Recurring | Mortgage insurance-linked notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	47,654	48,996
Fixed-maturities available for sale | Level III | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	0	0
Fixed-maturities available for sale | Level III | Fair Value, Measurements, Recurring | U.S. government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	0	0
Fixed-maturities available for sale | Level III | Fair Value, Measurements, Recurring | State and municipal obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	0	0
Fixed-maturities available for sale | Level III | Fair Value, Measurements, Recurring | Corporate bonds and notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	0	0
Fixed-maturities available for sale | Level III | Fair Value, Measurements, Recurring | RMBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	0	0
Fixed-maturities available for sale | Level III | Fair Value, Measurements, Recurring | CMBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	0	0
Fixed-maturities available for sale | Level III | Fair Value, Measurements, Recurring | CLO
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	0	0
Fixed-maturities available for sale | Level III | Fair Value, Measurements, Recurring | Other ABS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	0	0
Fixed-maturities available for sale | Level III | Fair Value, Measurements, Recurring | Foreign government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value		0
Fixed-maturities available for sale | Level III | Fair Value, Measurements, Recurring | Mortgage insurance-linked notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	0	0
Trading securities | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	89,272	106,423
Trading securities | Fair Value, Measurements, Recurring | State and municipal obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	53,592	70,844
Trading securities | Fair Value, Measurements, Recurring | Corporate bonds and notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	25,465	24,913
Trading securities | Fair Value, Measurements, Recurring | RMBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	5,346	5,930
Trading securities | Fair Value, Measurements, Recurring | CMBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	4,869	4,736
Trading securities | Level I | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	0	0
Trading securities | Level I | Fair Value, Measurements, Recurring | State and municipal obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	0	0
Trading securities | Level I | Fair Value, Measurements, Recurring | Corporate bonds and notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	0	0
Trading securities | Level I | Fair Value, Measurements, Recurring | RMBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	0	0
Trading securities | Level I | Fair Value, Measurements, Recurring | CMBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	0	0
Trading securities | Level II | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	89,272	106,423
Trading securities | Level II | Fair Value, Measurements, Recurring | State and municipal obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	53,592	70,844
Trading securities | Level II | Fair Value, Measurements, Recurring | Corporate bonds and notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	25,465	24,913
Trading securities | Level II | Fair Value, Measurements, Recurring | RMBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	5,346	5,930
Trading securities | Level II | Fair Value, Measurements, Recurring | CMBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	4,869	4,736
Trading securities | Level III | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	0	0
Trading securities | Level III | Fair Value, Measurements, Recurring | State and municipal obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	0	0
Trading securities | Level III | Fair Value, Measurements, Recurring | Corporate bonds and notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	0	0
Trading securities | Level III | Fair Value, Measurements, Recurring | RMBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	0	0
Trading securities | Level III | Fair Value, Measurements, Recurring | CMBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	0	0
Equity securities | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	145,717	89,057
Equity securities | Level I | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	135,556	81,170
Equity securities | Level II | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	3,615	5,387
Equity securities | Level III | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	6,546	2,500
Equity securities | Loaned securities | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loaned securities	18,576	75,898
Equity securities | Loaned securities | Level I | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loaned securities	18,576	75,898
Equity securities | Loaned securities | Level II | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loaned securities	0	0
Equity securities | Loaned securities | Level III | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loaned securities	0	0
Residential mortgage loans held for sale | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	529,517	32,755
Residential mortgage loans held for sale | Level I | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	0	0
Residential mortgage loans held for sale | Level II | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	529,517	32,755
Residential mortgage loans held for sale | Level III | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	0	0
Other invested assets | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	5,808	7,196
Other invested assets | Level I | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	0	0
Other invested assets | Level II | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	0
Other invested assets | Level III | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	5,808	7,196
Short-term investments | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	432,385	660,566
Short-term investments | Fair Value, Measurements, Recurring | State and municipal obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	2,200	2,700
Short-term investments | Fair Value, Measurements, Recurring | Corporate bonds and notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	50,512	150,930
Short-term investments | Fair Value, Measurements, Recurring | CMBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value		1,347
Short-term investments | Fair Value, Measurements, Recurring | Other ABS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	9,789	1,158
Short-term investments | Fair Value, Measurements, Recurring | Other investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	50,955	135,998
Short-term investments | Fair Value, Measurements, Recurring | Money market instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	318,929	368,433
Short-term investments | Level I | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	318,929	368,433
Short-term investments | Level I | Fair Value, Measurements, Recurring | State and municipal obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	0	0
Short-term investments | Level I | Fair Value, Measurements, Recurring | Corporate bonds and notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	0	0
Short-term investments | Level I | Fair Value, Measurements, Recurring | CMBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value		0
Short-term investments | Level I | Fair Value, Measurements, Recurring | Other ABS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	0	0
Short-term investments | Level I | Fair Value, Measurements, Recurring | Other investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	0	0
Short-term investments | Level I | Fair Value, Measurements, Recurring | Money market instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	318,929	368,433
Short-term investments | Level II | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	113,456	292,133
Short-term investments | Level II | Fair Value, Measurements, Recurring | State and municipal obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	2,200	2,700
Short-term investments | Level II | Fair Value, Measurements, Recurring | Corporate bonds and notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	50,512	150,930
Short-term investments | Level II | Fair Value, Measurements, Recurring | CMBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value		1,347
Short-term investments | Level II | Fair Value, Measurements, Recurring | Other ABS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	9,789	1,158
Short-term investments | Level II | Fair Value, Measurements, Recurring | Other investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	50,955	135,998
Short-term investments | Level II | Fair Value, Measurements, Recurring | Money market instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	0	0
Short-term investments | Level III | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	0	0
Short-term investments | Level III | Fair Value, Measurements, Recurring | State and municipal obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	0	0
Short-term investments | Level III | Fair Value, Measurements, Recurring | Corporate bonds and notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	0	0
Short-term investments | Level III | Fair Value, Measurements, Recurring | CMBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value		0
Short-term investments | Level III | Fair Value, Measurements, Recurring | Other ABS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	0	0
Short-term investments | Level III | Fair Value, Measurements, Recurring | Other investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	0	0
Short-term investments | Level III | Fair Value, Measurements, Recurring | Money market instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments at fair value	0	0
Partnership investments | Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other invested assets—at fair value	$ 2,000	$ 1,000

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Other Fair Value Disclosure (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Company-owned life insurance	$ 109,980	$ 106,417
Senior notes	1,064,718	1,417,781
Total secured borrowings	551,916	119,476
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Company-owned life insurance	109,980	106,417
Senior notes	1,064,718	1,417,781
FHLB advances, carrying amount	54,364	95,277
Mortgage financing facilities, carrying amount	497,552	24,199
Total secured borrowings	551,916	119,476
Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Company-owned life insurance	109,980	106,417
Senior notes, fair value	1,103,786	1,406,118
FHLB advances, fair value	54,435	95,348
Mortgage financing facilities, fair value	497,552	24,199
Total secured borrowings	$ 551,987	$ 119,547

Investments - Available for Sal

Investments - Available for Sale Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Less: loaned securities	$ 141,614	$ 203,693
Total fixed maturities, available-for-sale, Amortized Cost	5,583,574	5,599,111
Total fixed-maturities available for sale, Fair Value	5,292,480	5,188,228
Total fixed-maturities available for sale
Debt Securities, Available-for-sale [Line Items]
Total	5,710,955	5,734,767
Total fixed maturities, available-for-sale, Amortized Cost	5,583,574	5,599,111
Gross Unrealized Gains	49,612	24,174
Gross Unrealized Losses	(345,148)	(443,531)
Fair Value	5,415,419	5,315,410
Total fixed-maturities available for sale, Fair Value	5,292,480	5,188,228
U.S. government and agency securities
Debt Securities, Available-for-sale [Line Items]
Total	160,871	171,194
Gross Unrealized Gains	25	93
Gross Unrealized Losses	(24,634)	(26,891)
Fair Value	136,262	144,396
State and municipal obligations
Debt Securities, Available-for-sale [Line Items]
Total	172,140	158,539
Gross Unrealized Gains	645	283
Gross Unrealized Losses	(12,483)	(16,037)
Fair Value	160,302	142,785
Corporate bonds and notes
Debt Securities, Available-for-sale [Line Items]
Total	2,858,351	2,876,175
Gross Unrealized Gains	26,816	12,286
Gross Unrealized Losses	(210,302)	(259,177)
Fair Value	2,674,865	2,629,284
RMBS
Debt Securities, Available-for-sale [Line Items]
Total	1,111,244	1,089,919
Gross Unrealized Gains	14,870	8,250
Gross Unrealized Losses	(67,660)	(84,098)
Fair Value	1,058,454	1,014,071
CMBS
Debt Securities, Available-for-sale [Line Items]
Total	499,415	605,029
Gross Unrealized Gains	117	51
Gross Unrealized Losses	(26,220)	(46,697)
Fair Value	473,312	558,383
CLO
Debt Securities, Available-for-sale [Line Items]
Total	469,209	494,339
Gross Unrealized Gains	383	63
Gross Unrealized Losses	(1,831)	(6,553)
Fair Value	467,761	487,849
Other ABS
Debt Securities, Available-for-sale [Line Items]
Total	394,154	286,988
Gross Unrealized Gains	4,673	1,608
Gross Unrealized Losses	(2,018)	(4,037)
Fair Value	396,809	284,559
Foreign government and agency securities
Debt Securities, Available-for-sale [Line Items]
Total		5,128
Gross Unrealized Gains		0
Gross Unrealized Losses		(41)
Fair Value		5,087
Mortgage insurance-linked notes
Debt Securities, Available-for-sale [Line Items]
Total	45,571	47,456
Gross Unrealized Gains	2,083	1,540
Gross Unrealized Losses	0	0
Fair Value	47,654	48,996
Loaned securities, amortized cost | Total fixed-maturities available for sale
Debt Securities, Available-for-sale [Line Items]
Less: loaned securities	127,381	135,656
Loaned securities, fair value | Total fixed-maturities available for sale
Debt Securities, Available-for-sale [Line Items]
Less: loaned securities	$ 122,939	$ 127,182

Investments - Gross Unrealized

Investments - Gross Unrealized Losses and Fair Value of Available for Sale Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Fair value, less than 12 months	$ 290,711	$ 381,388
Unrealized losses, less than 12 months	(1,767)	(4,567)
Fair value, 12 months or greater	3,083,647	3,981,258
Unrealized losses, 12 months or greater	(343,381)	(438,964)
Fair value, total	3,374,358	4,362,646
Unrealized losses, total	(345,148)	(443,531)
U.S. government and agency securities
Debt Securities, Available-for-sale [Line Items]
Fair value, less than 12 months	5,103	15,650
Unrealized losses, less than 12 months	(10)	(938)
Fair value, 12 months or greater	120,876	113,678
Unrealized losses, 12 months or greater	(24,624)	(25,953)
Fair value, total	125,979	129,328
Unrealized losses, total	(24,634)	(26,891)
State and municipal obligations
Debt Securities, Available-for-sale [Line Items]
Fair value, less than 12 months	17,690	17,154
Unrealized losses, less than 12 months	(432)	(551)
Fair value, 12 months or greater	86,609	104,949
Unrealized losses, 12 months or greater	(12,051)	(15,486)
Fair value, total	104,299	122,103
Unrealized losses, total	(12,483)	(16,037)
Corporate bonds and notes
Debt Securities, Available-for-sale [Line Items]
Fair value, less than 12 months	135,130	161,924
Unrealized losses, less than 12 months	(835)	(1,261)
Fair value, 12 months or greater	1,700,938	2,055,113
Unrealized losses, 12 months or greater	(209,467)	(257,916)
Fair value, total	1,836,068	2,217,037
Unrealized losses, total	(210,302)	(259,177)
RMBS
Debt Securities, Available-for-sale [Line Items]
Fair value, less than 12 months	35,229	113,506
Unrealized losses, less than 12 months	(199)	(1,439)
Fair value, 12 months or greater	606,366	653,955
Unrealized losses, 12 months or greater	(67,461)	(82,659)
Fair value, total	641,595	767,461
Unrealized losses, total	(67,660)	(84,098)
CMBS
Debt Securities, Available-for-sale [Line Items]
Fair value, less than 12 months	12,822	8,558
Unrealized losses, less than 12 months	(38)	(31)
Fair value, 12 months or greater	449,697	546,104
Unrealized losses, 12 months or greater	(26,182)	(46,666)
Fair value, total	462,519	554,662
Unrealized losses, total	(26,220)	(46,697)
CLO
Debt Securities, Available-for-sale [Line Items]
Fair value, less than 12 months	57,047	15,083
Unrealized losses, less than 12 months	(120)	(25)
Fair value, 12 months or greater	72,100	438,294
Unrealized losses, 12 months or greater	(1,711)	(6,528)
Fair value, total	129,147	453,377
Unrealized losses, total	(1,831)	(6,553)
Other ABS
Debt Securities, Available-for-sale [Line Items]
Fair value, less than 12 months	27,690	49,513
Unrealized losses, less than 12 months	(133)	(322)
Fair value, 12 months or greater	47,061	64,078
Unrealized losses, 12 months or greater	(1,885)	(3,715)
Fair value, total	74,751	113,591
Unrealized losses, total	$ (2,018)	(4,037)
Foreign government and agency securities
Debt Securities, Available-for-sale [Line Items]
Fair value, less than 12 months		0
Unrealized losses, less than 12 months		0
Fair value, 12 months or greater		5,087
Unrealized losses, 12 months or greater		(41)
Fair value, total		5,087
Unrealized losses, total		$ (41)

Investments - Additional Inform

Investments - Additional Information (Details) - Security	Sep. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-Sale [Line Items]
Number of securities in unrealized loss position	820	1,063

Investments - Contractual Matur

Investments - Contractual Maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Amortized Cost
Less: loaned securities	$ 141,614	$ 203,693
Fixed-maturities available for sale, amortized cost	5,583,574	5,599,111
Fair Value
Less: loaned securities	141,614	203,693
Total fixed-maturities available for sale, Fair Value	5,292,480	5,188,228
Non asset-backed securities
Amortized Cost
Due in one year or less	111,757
Due after one year through five years	1,178,043
Due after five years through 10 years	965,508
Due after 10 years	936,054
Fair Value
Due in one year or less	110,762
Due after one year through five years	1,152,612
Due after five years through 10 years	920,061
Due after 10 years	787,994
Asset-backed and mortgage-backed securities
Amortized Cost
Asset-backed and mortgage-backed securities	2,519,593
Fair Value
Asset-backed and mortgage-backed securities	2,443,990
Total fixed-maturities available for sale
Amortized Cost
Total	5,710,955	5,734,767
Fixed-maturities available for sale, amortized cost	5,583,574	5,599,111
Fair Value
Total	5,415,419	5,315,410
Total fixed-maturities available for sale, Fair Value	5,292,480	5,188,228
Fixed-maturities available for sale | Total fixed-maturities available for sale
Amortized Cost
Total	5,710,955
Fair Value
Total	5,415,419
Loaned securities, amortized cost | Total fixed-maturities available for sale
Amortized Cost
Less: loaned securities	127,381	135,656
Fair Value
Less: loaned securities	127,381	135,656
Loaned securities, fair value | Total fixed-maturities available for sale
Amortized Cost
Less: loaned securities	122,939	127,182
Fair Value
Less: loaned securities	$ 122,939	$ 127,182

Investments - Net Investment In

Investments - Net Investment Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net Investment Income [Line Items]
Gross investment income	$ 81,434	$ 70,253	$ 230,100	$ 196,741
Investment expenses	(3,038)	(2,448)	(8,717)	(7,135)
Net investment income	78,396	67,805	221,383	189,606
Fixed-maturities
Net Investment Income [Line Items]
Gross investment income	59,348	58,599	174,531	167,985
Equity securities
Net Investment Income [Line Items]
Gross investment income	3,047	3,222	8,653	9,667
Mortgage loans held for sale
Net Investment Income [Line Items]
Gross investment income	7,828	1,719	15,032	2,487
Short-term investments
Net Investment Income [Line Items]
Gross investment income	9,686	5,405	27,258	12,969
Other
Net Investment Income [Line Items]
Gross investment income	$ 1,525	$ 1,308	$ 4,626	$ 3,633

Investments - Net Gains (Losses

Investments - Net Gains (Losses) on Investments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Fixed-maturities available for sale
Net realized gains (losses) on investments sold or redeemed	$ 2,409	$ (2,775)	$ (4,292)	$ (11,636)
Change in unrealized gains (losses) on mortgage loans held for sale and related derivatives sold or redeemed	(2,022)	9	(690)	226
Impairment losses due to intent to sell	(131)		(369)
Net unrealized gains (losses) on investments still held
Net unrealized gains (losses) on investments still held	6,612	(5,343)	5,829	400
Total net gains (losses) on investments	6,868	(8,109)	478	(11,010)
Net gains (losses) on mortgage loans held for sale	(4,611)	284	(4,277)	459
Net gains (losses) on other financial instruments	(83)	(730)	1,976	7,345
Net gains (losses) on investments and other financial instruments	2,174	(8,555)	(1,823)	(3,206)
Fixed-maturities available for sale
Fixed-maturities available for sale
Gross realized gains	2,021	20	2,652	588
Gross realized losses	(1,323)	(2,814)	(8,472)	(13,768)
Fixed-maturities available for sale, net	698	(2,794)	(5,820)	(13,180)
Trading securities
Fixed-maturities available for sale
Trading securities	(496)		(686)	(402)
Net unrealized gains (losses) on investments still held
Trading securities	3,926	(5,632)	988	(4,494)
Equity securities
Fixed-maturities available for sale
Equity securities	2,156		2,162	1,890
Net unrealized gains (losses) on investments still held
Equity securities	2,585	290	4,739	4,991
Other investments
Fixed-maturities available for sale
Other investments	51	19	52	56
Net unrealized gains (losses) on investments still held
Other investments	$ 101	$ (1)	$ 102	$ (97)

Investments - Loaned Securities

Investments - Loaned Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Securities Financing Transaction [Line Items]
Loaned securities	$ 141,614	$ 203,693
Loaned securities
Securities Financing Transaction [Line Items]
Securities received as collateral	$ 30,000	$ 61,000

Investments - Other (Details)

Investments - Other (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Debt securities
Debt Securities, Available-for-sale [Line Items]
Assets held by insurance regulators	$ 14	$ 14

Residential Mortgage Loans - Ad

Residential Mortgage Loans - Additional Information (Details) $ in Thousands	1 Months Ended	3 Months Ended	9 Months Ended
	Oct. 31, 2024 USD ($)	Sep. 30, 2024 USD ($) Investment State	Sep. 30, 2024 USD ($) Investment State	Dec. 31, 2023 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Mortgage loans held for sale-at fair value		$ 529,517	$ 529,517	$ 32,755
Private offering and issuance of mortgage loans		349,000
Variable Interest Entity, Primary Beneficiary
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Interest income		4,039	4,039
Net consolidated assets (liabilities)		7,000	7,000
Variable Interest Entity, Primary Beneficiary | Subsequent Event
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Private offering and issuance of mortgage loans	$ 423,000
Net consolidated assets (liabilities)	$ 6,000
Residential Mortgage Loans Held for Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Mortgage loans held for sale-at fair value		$ 530,000	$ 530,000	$ 33,000
Number of investments | Investment		569	569
Unpaid principal balance		$ 517,000	$ 517,000
Number of states | State		42	42
Commitments to purchase and fund mortgage loans			$ 268,000
Residential Mortgage Loans Held for Sale | California
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percentage of loans on properties		30%	30%
Residential Mortgage Loans Held for Sale | Other State
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percentage of loans on properties		10%	10%
Residential Mortgage Loans Held for Sale | Financial Asset, Equal to or Greater than 90 Days Past Due
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of investments | Investment		0	0
Radian Mortgage Capital | Residential Mortgage Loans Held for Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percentage of net worth for debt covenants		6%	6%
Net worth for debt covenants		$ 103,000	$ 103,000
Minimum net worth for debt covenants		$ 37,000	$ 37,000

Residential Mortgage Loans - De

Residential Mortgage Loans - Derivative Instruments Related to Mortgage Loan Activity (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Forward mortgage loan purchase commitments
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Notional	$ 267,644	$ 83,962
Derivative Assets	1,286	708
Derivative Liabilities	0	0
Forward RMBS purchase contracts | Designated as Hedging Instrument
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Notional	274,000	51,100
Derivative Assets	221	715
Derivative Liabilities	94	817
Cash collateral receivable (payable)	1,000	715
Interest rate swap futures contracts | Designated as Hedging Instrument
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Notional	51,500	7,300
Derivative Assets	1,323	489
Derivative Liabilities	0	0
Cash collateral receivable (payable)	$ 2,000	$ 720

Residential Mortgage Loans - _2

Residential Mortgage Loans - Derivative Instruments Related to Mortgage Loan Activity (Parenthetical) (Details) - Designated as Hedging Instrument - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Forward RMBS purchase contracts
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash collateral receivable (payable)	$ 1,000	$ 715
Interest rate swap futures contracts
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash collateral receivable (payable)	$ 2,000	$ 720

Residential Mortgage Loans - Sc

Residential Mortgage Loans - Schedule of Net Gains (Losses) on Residential Mortgage Loans Held for Sale Related Derivatives (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Mortgage loans held for sale	$ (4,611)	$ 284	$ (4,277)	$ 459
Total realized gains (losses)	2,409	(2,775)	(4,292)	(11,636)
Change in unrealized gains (losses) on mortgage loans held for sale and related derivatives sold or redeemed	(2,022)	9	(690)	226
Disposal Group, Held-for-Sale, Not Discontinued Operations | Residential Mortgage Loans Held for Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Mortgage loans held for sale	(2,819)	(89)	(4,008)	(80)
Mortgage loans held for sale hedging activities	(11,451)	358	(8,706)	319
Total realized gains (losses)	(14,270)	269	(12,714)	239
Mortgage loan servicing rights resulting from loan sales	758	0	2,256	0
Change in unrealized gains (losses) on mortgage loans held for sale and related derivatives sold or redeemed	2,640	(246)	(271)	(23)
Mortgage loans held for sale	6,852	(1,728)	7,043	(1,746)
Mortgage loans held for sale hedging activities	(591)	1,989	(591)	1,989
Total net unrealized gains (losses)	6,261	261	6,452	243
Net gains (losses) on residential mortgage loans held for sale	$ (4,611)	$ 284	$ (4,277)	$ 459

Residential Mortgage Loans - _3

Residential Mortgage Loans - Schedule of Disposal Groups, Including Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Interest expense	$ 29,391	$ 23,282	$ 85,501	$ 66,526
Disposal Group, Held-for-Sale, Not Discontinued Operations | Residential Mortgage Loans Held for Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Interest income	7,828	1,719	15,032	2,487
Interest expense	7,500	1,609	14,045	2,086
Net interest on mortgage loans held for sale	$ 328	$ 110	$ 987	$ 401

Residential Mortgage Loans - _4

Residential Mortgage Loans - Schedule of Components of Income (Loss) on Consolidated VIEs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Interest expense	$ (29,391)	$ (23,282)	$ (85,501)	$ (66,526)
Total income (loss) on consolidated VIEs	465	$ 0	465	$ 0
Variable Interest Entity, Primary Beneficiary
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net change in fair value of VIE assets and liabilities reported under the fair value option	265		265
Interest income	4,039		4,039
Interest expense	(3,682)		(3,682)
Other expenses	(157)		(157)
Total income (loss) on consolidated VIEs	$ 465		$ 465

Reinsurance - Net Premiums Writ

Reinsurance - Net Premiums Written and Earned, Insurance (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Ceded Credit Risk [Line Items]
Direct premiums written	$ 259,501	$ 251,502	$ 767,275	$ 744,419
Ceded premiums written, net	(21,864)	(12,871)	(60,345)	(57,344)
Net Premiums Written	237,637	238,631	706,930	687,075
Direct premiums earned	267,588	261,768	794,664	779,497
Ceded premiums earned	(28,455)	(21,506)	(81,943)	(92,568)
Total net premiums earned	239,133	240,262	712,721	686,929
Ceding commissions earned	6,672	5,650	19,130	15,953
Ceded losses	3,161	1,289	8,360
Ceded losses				(1,095)
Deferred ceding commissions	16,000		16,000		$ 20,000
Eagle Re 2019-1 Ltd. and Eagle Re 2020-1 Ltd. | Radian Guaranty
Ceded Credit Risk [Line Items]
Ceded premiums earned				(21,000)
Mortgage insurance
Ceded Credit Risk [Line Items]
Direct premiums written	255,422	247,941	758,245	736,173
Ceded premiums written, net	(21,774)	(12,771)	(60,075)	(57,044)
Direct premiums earned	263,509	258,207	785,634	771,251
Ceded premiums earned	(28,365)	(21,406)	(81,673)	(92,268)
Title insurance
Ceded Credit Risk [Line Items]
Direct premiums written	4,079	3,561	9,030	8,246
Ceded premiums written, net	(90)	(100)	(270)	(300)
Direct premiums earned	4,079	3,561	9,030	8,246
Ceded premiums earned	$ (90)	$ (100)	$ (270)	$ (300)

Reinsurance - Additional Inform

Reinsurance - Additional Information (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Radian Guaranty
Ceded Credit Risk [Line Items]
Funds held under reinsurance agreements, asset	$ 304	$ 274
Mortgage Insurance revenues
Ceded Credit Risk [Line Items]
Direct primary mortgage insurance risk in force	$ 71,800	$ 69,700
Excess-of-Loss Program | Radian Guaranty
Ceded Credit Risk [Line Items]
Percent of reinsurance coverage threshold (in percent)	0.10
Maximum | Mortgage Insurance revenues | Radian Guaranty
Ceded Credit Risk [Line Items]
Reinsurance retention policy, term of coverage, period	12 years 6 months
Maximum | 2024 QSR Agreement
Ceded Credit Risk [Line Items]
Direct primary mortgage insurance risk in force	$ 4,300
Maximum | Excess-of-Loss Program | Radian Guaranty
Ceded Credit Risk [Line Items]
Right to termination on or after option call date, period after issuance of insurance-linked notes	7 years
Minimum | Mortgage Insurance revenues | Radian Guaranty
Ceded Credit Risk [Line Items]
Reinsurance retention policy, term of coverage, period	10 years
Minimum | Excess-of-Loss Program | Radian Guaranty
Ceded Credit Risk [Line Items]
Right to termination on or after option call date, period after issuance of insurance-linked notes	5 years

Reinsurance - QSR Program (Deta

Reinsurance - QSR Program (Details) - Radian Guaranty - USD ($) $ in Millions	Jul. 01, 2024	Jul. 01, 2023	Jul. 01, 2022	Jan. 01, 2020	Jan. 01, 2018	Jan. 01, 2016	Sep. 30, 2024	Dec. 31, 2023
2024 QSR Agreement
Ceded Credit Risk [Line Items]
Ceding commission %	20%
RIF ceded							$ 834	$ 0
2024 QSR Agreement | Revenue Benchmark | Product Concentration Risk
Ceded Credit Risk [Line Items]
Quota share %	25%
2023 QSR Agreement
Ceded Credit Risk [Line Items]
Ceding commission %		20%
RIF ceded							2,638	1,366
2023 QSR Agreement | Revenue Benchmark | Product Concentration Risk
Ceded Credit Risk [Line Items]
Quota share %		22.50%
2022 QSR Agreement
Ceded Credit Risk [Line Items]
Ceding commission %			20%
RIF ceded							4,178	4,454
2022 QSR Agreement | Revenue Benchmark | Product Concentration Risk
Ceded Credit Risk [Line Items]
Quota share %			20%
2020 Single Premium QSR Agreement
Ceded Credit Risk [Line Items]
Ceding commission %				25%
RIF ceded							1,587	1,783
2020 Single Premium QSR Agreement | Revenue Benchmark | Product Concentration Risk
Ceded Credit Risk [Line Items]
Quota share %				65%
2018 Single Premium QSR Agreement
Ceded Credit Risk [Line Items]
Ceding commission %					25%
RIF ceded							680	739
2018 Single Premium QSR Agreement | Revenue Benchmark | Product Concentration Risk
Ceded Credit Risk [Line Items]
Quota share %					65%
2016 Single Premium QSR Agreement
Ceded Credit Risk [Line Items]
Ceding commission %						25%
RIF ceded							$ 904	$ 982
Minimum | 2016 Single Premium QSR Agreement | Revenue Benchmark | Product Concentration Risk
Ceded Credit Risk [Line Items]
Quota share %						18%
Maximum | 2024 QSR Agreement
Ceded Credit Risk [Line Items]
Profit commission %	59%
Maximum | 2023 QSR Agreement
Ceded Credit Risk [Line Items]
Profit commission %		55%
Maximum | 2022 QSR Agreement
Ceded Credit Risk [Line Items]
Profit commission %			59%
Maximum | 2020 Single Premium QSR Agreement
Ceded Credit Risk [Line Items]
Profit commission %				56%
Maximum | 2018 Single Premium QSR Agreement
Ceded Credit Risk [Line Items]
Profit commission %					56%
Maximum | 2016 Single Premium QSR Agreement
Ceded Credit Risk [Line Items]
Profit commission %						55%
Maximum | 2016 Single Premium QSR Agreement | Revenue Benchmark | Product Concentration Risk
Ceded Credit Risk [Line Items]
Quota share %						57%

Reinsurance - Excess-of-Loss Pr

Reinsurance - Excess-of-Loss Program (Details) - USD ($) $ in Millions	1 Months Ended			9 Months Ended	12 Months Ended
	Oct. 31, 2023	Nov. 30, 2021	Apr. 30, 2021	Sep. 30, 2024	Dec. 31, 2023
Mortgage Insurance revenues
Ceded Credit Risk [Line Items]
Direct primary mortgage insurance risk in force				$ 71,800	$ 69,700
Eagle Re 2023-1 Ltd. | Excess-of-Loss Program | Mortgage Insurance revenues | Radian Guaranty
Ceded Credit Risk [Line Items]
RIF	$ 8,782			8,139	8,659
Coverage	353			344	353
Eagle Re 2023-1 Ltd. | Excess-of-Loss Program | Mortgage Insurance revenues | Radian Guaranty | First layer retention
Ceded Credit Risk [Line Items]
First layer retention	287			286	287
Eagle Re 2021-2 Ltd. | Excess-of-Loss Program | Mortgage Insurance revenues | Radian Guaranty
Ceded Credit Risk [Line Items]
RIF		$ 10,758		6,611	7,651
Coverage		484		274	355
Eagle Re 2021-2 Ltd. | Excess-of-Loss Program | Mortgage Insurance revenues | Radian Guaranty | First layer retention
Ceded Credit Risk [Line Items]
First layer retention		$ 242		241	242
Eagle Re 2021-1 Ltd. | Excess-of-Loss Program | Radian Guaranty | Radian Group Inc.
Ceded Credit Risk [Line Items]
Proceeds from issuance of debt				45
Eagle Re 2021-1 Ltd. | Excess-of-Loss Program | Mortgage Insurance revenues | Radian Guaranty
Ceded Credit Risk [Line Items]
RIF			$ 11,061	5,267	6,227
Coverage			498	178	250
Eagle Re 2021-1 Ltd. | Excess-of-Loss Program | Mortgage Insurance revenues | Radian Guaranty | First layer retention
Ceded Credit Risk [Line Items]
First layer retention			$ 221	221	221
2023 XOL Agreement | Excess-of-Loss Program | Mortgage Insurance revenues | Radian Guaranty
Ceded Credit Risk [Line Items]
Coverage	246			184	226
Direct primary mortgage insurance risk in force	8,002			7,067	7,814
2023 XOL Agreement | Excess-of-Loss Program | Mortgage Insurance revenues | Radian Guaranty | First layer retention
Ceded Credit Risk [Line Items]
First layer retention	$ 240			$ 240	$ 240

Reinsurance - Total VIE Assets

Reinsurance - Total VIE Assets and Liabilities of Eagle Re Issuers (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Ceded Credit Risk [Line Items]
Total assets	$ 8,419,771	$ 7,593,933
Total liabilities	3,720,918	3,196,128
Excess-of-Loss Program | Radian Guaranty
Ceded Credit Risk [Line Items]
Total assets	795,956	964,909
Total liabilities	795,956	964,909
Eagle Re 2023-1 Ltd. | Excess-of-Loss Program | Radian Guaranty | Mortgage Insurance revenues
Ceded Credit Risk [Line Items]
Total assets	344,396	353,077
Total liabilities	344,396	353,077
Eagle Re 2021-2 Ltd. | Excess-of-Loss Program | Radian Guaranty | Mortgage Insurance revenues
Ceded Credit Risk [Line Items]
Total assets	273,905	354,947
Total liabilities	273,905	354,947
Eagle Re 2021-1 Ltd. | Excess-of-Loss Program | Radian Guaranty | Mortgage Insurance revenues
Ceded Credit Risk [Line Items]
Total assets	177,655	250,268
Total liabilities	177,655	250,268
Eagle Re 2020-1 Ltd. | Excess-of-Loss Program | Radian Guaranty | Mortgage Insurance revenues
Ceded Credit Risk [Line Items]
Total assets	0	6,617
Total liabilities	$ 0	$ 6,617

Other Assets - Schedule of Othe

Other Assets - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Other Assets [Abstract]
Loaned securities	$ 141,614	$ 203,693
Company-owned life insurance	109,980	106,417
Prepaid reinsurance premiums	78,845	100,443
Other	54,227	49,252
Total other assets	$ 384,666	$ 459,805

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Operating Loss Carryforwards [Line Items]
Net federal income tax liability, current	$ 23	$ 21
US Treasury Securities
Operating Loss Carryforwards [Line Items]
Debt securities	$ 870	$ 750

Losses and LAE - Reserve for Lo

Losses and LAE - Reserve for Losses and LAE by Segment (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Liability for Claims and Claims Adjustment Expense [Line Items]
Total reserve for losses and LAE	$ 363,225	$ 370,148
Mortgage insurance
Liability for Claims and Claims Adjustment Expense [Line Items]
Total reserve for losses and LAE	356,954	364,923	$ 361,838	$ 420,955
Title insurance
Liability for Claims and Claims Adjustment Expense [Line Items]
Total reserve for losses and LAE	6,271	5,225
Primary case | Mortgage insurance
Liability for Claims and Claims Adjustment Expense [Line Items]
Total reserve for losses and LAE	337,025	344,235
Primary IBNR and LAE | Mortgage insurance
Liability for Claims and Claims Adjustment Expense [Line Items]
Total reserve for losses and LAE	11,844	12,177
Pool and other | Mortgage insurance
Liability for Claims and Claims Adjustment Expense [Line Items]
Total reserve for losses and LAE	$ 8,085	$ 8,511

Losses and LAE - Schedule of Pr

Losses and LAE - Schedule of Provision for Losses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Effects of Reinsurance [Line Items]
Total provision for losses	$ 6,889	$ (8,135)	$ (1,890)	$ (46,696)
Mortgage insurance
Effects of Reinsurance [Line Items]
Total provision for losses	6,346	(8,257)	(2,309)	(46,744)
Title insurance
Effects of Reinsurance [Line Items]
Total provision for losses	$ 543	$ 122	$ 419	$ 48

Losses and LAE - Mortgage Insur

Losses and LAE - Mortgage Insurance Reserve for Losses and LAE Rollforward (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Loss reserve [Roll Forward]
Balance at beginning of period	$ 370,148
Deduct: Paid claims and LAE related to:
Balance at end of period	363,225
Mortgage Insurance revenues
Loss reserve [Roll Forward]
Balance at beginning of period	364,923	$ 420,955
Less: Reinsurance recoverables	25,074	24,727
Balance at beginning of period, net of reinsurance recoverables	325,244	338,569	$ 339,849	$ 396,228
Add: Losses and LAE incurred in respect of default notices reported and unreported in:
Current year	151,497	130,740
Prior years	(153,806)	(177,483)
Total incurred	(2,309)	(46,743)
Deduct: Paid claims and LAE related to:
Current year	359	204
Prior years	11,937	10,712
Total paid	12,296	10,916
Balance at end of period, net of reinsurance recoverables	325,244	338,569
Add: Reinsurance recoverables	31,710	23,269
Balance at end of period	$ 356,954	$ 361,838

Losses and LAE - Additional Inf

Losses and LAE - Additional Information (Details) - Primary Mortgage Product - Mortgage Insurance revenues - Default	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Liability for Claims and Claims Adjustment Expense [Line Items]
New primary defaults	36,568	31,555
Increase (decrease) in number of new primary default notices (in percent)	16%
Default to claim rate estimate, gross, for new defaults	8%	8%

Borrowings and Financing Acti_3

Borrowings and Financing Activities - Schedule of Debt (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total secured borrowings	$ 551,916,000	$ 119,476,000
Senior Notes
Debt Instrument [Line Items]
Long-term debt	$ 1,064,718,000	1,417,781,000
Senior Notes | Senior Notes due 2024
Debt Instrument [Line Items]
Interest rate on senior notes	4.50%
Long-term debt	$ 0	449,037,000
Senior Notes | Senior Notes due 2025
Debt Instrument [Line Items]
Interest rate on senior notes	6.625%
Long-term debt	$ 0	522,343,000
Senior Notes | Senior Notes due 2027
Debt Instrument [Line Items]
Interest rate on senior notes	4.875%
Long-term debt	$ 447,191,000	446,401,000
Senior Notes | Senior Notes due 2029
Debt Instrument [Line Items]
Interest rate on senior notes	6.20%
Long-term debt	$ 617,527,000	0
FHLB Advances
Debt Instrument [Line Items]
FHLB advances due 2024, average interest rate	4.776%
FHLB advances due 2025, average interest rate	2.34%
FHLB advances due 2026, average interest rate	4.469%
FHLB advances due 2027, average interest rate	2.562%
2024	$ 31,958,000	72,871,000
2025	12,684,000	12,684,000
2026	1,835,000	1,835,000
2027	7,887,000	7,887,000
Total FHLB advances	54,364,000	95,277,000
Mortgage Loan Financing Facilities
Debt Instrument [Line Items]
Long-term debt	$ 497,552,000	$ 24,199,000
Mortgage financing facilities, average interest rate	6.507%

Borrowings and Financing Acti_4

Borrowings and Financing Activities - Schedule of Debt (Parenthetical) (Details)	Dec. 31, 2023
Debt Disclosure [Abstract]
FHLB, weighted average interest rate	5.602%

Borrowings and Financing Acti_5

Borrowings and Financing Activities - Schedule of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Debt Instrument [Line Items]
Loss on extinguishment of debt	$ 0	$ 0	$ 4,275	$ 0
Other	0	4	0	114
Total interest expense	29,391	23,282	85,501	66,526
Senior Notes
Debt Instrument [Line Items]
Interest expense, debt	20,945	20,320	64,229	60,911
Mortgage Loan Financing Facilities
Debt Instrument [Line Items]
Interest expense, debt	7,500	1,609	14,045	2,086
FHLB Advances
Debt Instrument [Line Items]
Interest expense, debt	538	1,039	2,027	2,395
Revolving Credit Facility
Debt Instrument [Line Items]
Interest expense, debt	$ 408	$ 310	$ 925	$ 1,020

Borrowings and Financing Acti_6

Borrowings and Financing Activities - Additional Information (Details) - USD ($)	1 Months Ended		3 Months Ended		9 Months Ended
	Sep. 30, 2024	Mar. 31, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	May 31, 2024	Apr. 30, 2024	Jan. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Repayments in cash					$ 977,079,000	$ 0
Loss on extinguishment of debt			$ 0	$ 0	4,275,000	$ 0
Collateral	$ 6,497,180,000		6,497,180,000		6,497,180,000					$ 6,085,654,000
Residential mortgage loans held for sale | Asset Pledged as Collateral
Debt Instrument [Line Items]
Collateral	528,000,000		528,000,000		528,000,000					31,000,000
Total fixed-maturities available for sale | Fixed maturities AFS and trading securities
Debt Instrument [Line Items]
FHLB, collateral pledged	57,000,000		57,000,000		57,000,000					101,000,000
Senior Notes
Debt Instrument [Line Items]
Outstanding borrowings	1,064,718,000		1,064,718,000		$ 1,064,718,000					1,417,781,000
FHLB Advances | Minimum
Debt Instrument [Line Items]
FHLB, ratio of market value of collateral to advances					1.03
FHLB Advances | Maximum
Debt Instrument [Line Items]
FHLB, ratio of market value of collateral to advances					1.14
Mortgage Loan Financing Facilities | Flagstar Bank Master Repurchase Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity									$ 150,000,000
Mortgage Loan Financing Facilities | Goldman Sachs Master Repurchase Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity							$ 200,000,000
Mortgage Loan Financing Facilities | BMO Master Repurchase Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity								$ 400,000,000
Revolving Credit Facility
Debt Instrument [Line Items]
Fair value of amount outstanding	0		0		$ 0
Revolving Credit Facility | Unsecured Revolving Credit Facility, Expiration Date 2026
Debt Instrument [Line Items]
Current borrowing capacity	$ 275,000,000		$ 275,000,000		$ 275,000,000
Senior Notes due 2029 | Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount		$ 625,000,000
Net proceeds received		$ 617,000,000
Interest rate on senior notes	6.20%		6.20%		6.20%
Basis spread on variable rate					0.30%
Redemption price, percentage of principal amount					100%
Stock retention percentage required in order to make capital stock transactions	80%		80%		80%
Outstanding borrowings	$ 617,527,000		$ 617,527,000		$ 617,527,000					0
Senior Notes due 2025 | Senior Notes
Debt Instrument [Line Items]
Interest rate on senior notes	6.625%		6.625%		6.625%
Redemption price, percentage of principal amount		100.40%
Aggregate principal redemption amount		$ 525,000,000
Repayments in cash		527,000,000
Loss on extinguishment of debt		$ 4,000,000
Outstanding borrowings	$ 0		$ 0		$ 0					522,343,000
Senior Notes due 2024 | Senior Notes
Debt Instrument [Line Items]
Interest rate on senior notes	4.50%		4.50%		4.50%
Aggregate principal redemption amount	$ 450,000,000
Repayments in cash			$ 460,000,000
Outstanding borrowings	$ 0		$ 0		$ 0					$ 449,037,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details)	Sep. 30, 2024 Legalmatter
Unasserted Claim | Minimum
Loss Contingencies [Line Items]
Minimum number of pending or threatened matters that could affect our results	1

Capital Stock - Shares of Commo

Capital Stock - Shares of Common Stock (Details) - shares shares in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Dec. 31, 2023
Common Stock Outstanding [Roll Forward]
Common stock, beginning balance (in shares)		153,179	157,056
Shares repurchased under share repurchase programs (in shares)	(1,500)	(4,800)
Issuance of common stock under incentive and benefit plans, net of share withheld for employee taxes (in shares)		1,398	1,387
Common stock, ending balance (in shares)	149,776	149,776	153,179
1Q23 Repurchase Program
Common Stock Outstanding [Roll Forward]
Shares repurchased under share repurchase programs (in shares)		(4,801)	(5,264)

Capital Stock - Additional Info

Capital Stock - Additional Information (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended							9 Months Ended	12 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Dec. 31, 2023	May 31, 2024	Jan. 31, 2023
Capital Stock [Line Items]
Authorized amount	$ 900							$ 900		$ 600	$ 300
Stock repurchased during period (in shares)	1,500							4,800
Stock repurchased during period, average price per share (in usd per share)	$ 33.61							$ 31.04
Nondeductible percentage excise tax on net value of stock repurchases								1%
Common stock, dividends, per share, declared (in usd per share)	$ 0.245	$ 0.245	$ 0.245	$ 0.225	$ 0.225	$ 0.225	$ 0.225		$ 0.9
1Q23 Repurchase Program
Capital Stock [Line Items]
Stock repurchased during period (in shares)								4,801	5,264
Remaining authorized repurchase amount	$ 618							$ 618

Capital Stock - Schedule of Dec

Capital Stock - Schedule of Declared and Paid Per Share (Details) - $ / shares	3 Months Ended							12 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Capital Stock [Line Items]
Common stock, dividends, per share, declared (in usd per share)	$ 0.245	$ 0.245	$ 0.245	$ 0.225	$ 0.225	$ 0.225	$ 0.225		$ 0.9
Forecast
Capital Stock [Line Items]
Common stock, dividends, per share, declared (in usd per share)								$ 0.735

Capital Stock - Share-based and

Capital Stock - Share-based and Other Compensation Programs (Details)	9 Months Ended
	Sep. 30, 2024 Anniversary $ / shares shares
Performance Based RSUs Equity Settled
Number of Shares
Outstanding, Beginning Balance (in shares) | shares	2,970,874
Granted (in shares) | shares	484,480
Performance adjustment (in shares) | shares	557,957
Vested (in shares) | shares	(1,344,579)
Forfeited (in shares) | shares	(28,423)
Outstanding, Ending Balance (in shares) | shares	2,640,309
Weighted Average Grant Date Fair Value
Outstanding, Beginning Balance (in usd per share) | $ / shares	$ 18.28
Granted (in usd per share) | $ / shares	29.32
Performance adjustment (in usd per share) | $ / shares	0
Vested (in usd per share) | $ / shares	14.5
Forfeited (in usd per share) | $ / shares	27
Outstanding, Ending Balance (in usd per share) | $ / shares	$ 22.57
Performance Based RSUs Equity Settled | 2021 Award Year
Capital Stock [Line Items]
Performance period, performance-based RSUs	3 years
Performance Based RSUs Equity Settled | Maximum | 2021 Award Year
Capital Stock [Line Items]
Payout percentage of target award	200%
Performance Based RSUs Equity Settled | Minimum
Capital Stock [Line Items]
Payout percentage of target award	0%
Performance Based RSUs Equity Settled | Minimum | 2021 Award Year
Capital Stock [Line Items]
Cliff-vesting period	1 year
Timed-Vested RSUs Equity Settled
Number of Shares
Outstanding, Beginning Balance (in shares) | shares	1,786,615
Granted (in shares) | shares	410,733
Performance adjustment (in shares) | shares	0
Vested (in shares) | shares	(566,494)
Forfeited (in shares) | shares	(12,999)
Outstanding, Ending Balance (in shares) | shares	1,617,855
Weighted Average Grant Date Fair Value
Outstanding, Beginning Balance (in usd per share) | $ / shares	$ 18.16
Granted (in usd per share) | $ / shares	31.46
Performance adjustment (in usd per share) | $ / shares	0
Vested (in usd per share) | $ / shares	20.62
Forfeited (in usd per share) | $ / shares	27.54
Outstanding, Ending Balance (in usd per share) | $ / shares	$ 20.6
Timed-Vested RSUs Equity Settled | 2021 Award Year
Capital Stock [Line Items]
Number of anniversaries of the grant date | Anniversary	3
Timed-Vested RSUs Equity Settled | Minimum | 2021 Award Year
Capital Stock [Line Items]
Cliff-vesting period	1 year

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) - Schedule Of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Before Tax
Unrealized holding gains (losses) on investments arising during the period for which an allowance for expected credit losses has not been recognized	$ 183,113,000	$ (126,080,000)	$ 117,633,000	$ (94,777,000)
Net realized gains (losses) on disposals and non-credit related impairment losses	567,000	(2,794,000)	(6,188,000)	(13,180,000)
Net unrealized gains (losses) on investments	182,546,000	(123,286,000)	123,821,000	(81,597,000)
Other adjustments to comprehensive income (loss), net	0	0	(86,000)	227,000
Other comprehensive income (loss)	182,546,000	(123,286,000)	123,735,000	(81,370,000)
Tax Effect
Unrealized holding gains (losses) on investments arising during the period for which an allowance for expected credit losses has not been recognized	38,454,000	(26,477,000)	24,703,000	(19,903,000)
Net realized gains (losses) on disposals and non-credit related impairment losses	119,000	(587,000)	(1,299,000)	(2,768,000)
Net unrealized gains (losses) on investments	38,335,000	(25,890,000)	26,002,000	(17,135,000)
Other adjustments to comprehensive income (loss), net	0	0	(18,000)	48,000
Other comprehensive income (loss)	38,335,000	(25,890,000)	25,984,000	(17,087,000)
Net of Tax
Balance at beginning of period			(330,851,000)
Unrealized holding gains (losses) on investments arising during the period for which an allowance for expected credit losses has not been recognized	144,659,000	(99,603,000)	92,930,000	(74,874,000)
Net realized gains (losses) on disposals and non-credit related impairment losses	448,000	(2,207,000)	(4,889,000)	(10,412,000)
Net unrealized gains (losses) on investments	144,211,000	(97,396,000)	97,819,000	(64,462,000)
Other adjustments to other comprehensive income (loss)	0	0	(68,000)	179,000
Other comprehensive income (loss), net of tax	144,211,000	(97,396,000)	97,751,000	(64,283,000)
Balance at end of period	(233,100,000)		(233,100,000)
AOCI Attributable to Parent
Before Tax
Balance at beginning of period	(477,610,000)	(536,312,000)	(418,799,000)	(578,228,000)
Balance at end of period	(295,064,000)	(659,598,000)	(295,064,000)	(659,598,000)
Tax Effect
Balance at beginning of period	(100,299,000)	(112,626,000)	(87,948,000)	(121,429,000)
Balance at end of period	(61,964,000)	(138,516,000)	(61,964,000)	(138,516,000)
Net of Tax
Balance at beginning of period	(377,311,000)	(423,686,000)	(330,851,000)	(456,799,000)
Net unrealized gains (losses) on investments	144,211,000	(97,396,000)	97,819,000	(64,462,000)
Balance at end of period	$ (233,100,000)	$ (521,082,000)	$ (233,100,000)	$ (521,082,000)

Statutory Information - Schedul

Statutory Information - Schedule of Statutory Net Income (Loss) and Statutory Policyholders' Surplus (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Radian Guaranty
Statutory Accounting Practices [Line Items]
Statutory net income (loss)	$ 588,122	$ 599,781
Statutory policyholders’ surplus	691,147		$ 619,584
Other Mortgage Insurance Subsidiaries
Statutory Accounting Practices [Line Items]
Statutory net income (loss)	(1,295)	(383)
Statutory policyholders’ surplus	16,567		17,444
Radian Title Insurance
Statutory Accounting Practices [Line Items]
Statutory net income (loss)	1,438	$ 1,306
Statutory policyholders’ surplus	$ 42,379		$ 41,108

Statutory Information - Additio

Statutory Information - Additional Information (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)	Dec. 31, 2023
Statutory Accounting Practices [Line Items]
Risk to capital ratio, regulatory maximum	25
Consolidated Insurance Subsidiaries
Statutory Accounting Practices [Line Items]
Restricted net assets held by consolidated subsidiaries	$ 4,700
Radian Guaranty
Statutory Accounting Practices [Line Items]
Risk to capital ratio	10.3	10.4
Payments of ordinary dividends	$ 485
Statutory positive unassigned surplus	$ 191